Analysts at UBS said in a note to clients this week that in the June quarter, Apple's (NASDAQ:AAPL) iPhone is losing market share in nearly all regions except Europe.
According to the latest UBS note, iPhone units were down approximately 1% during the quarter, despite the global smartphone market growing by 6% year-over-year.
"iPhone sell-through was up just 1% to 15.6 million in the month of June, leading to a small ~50 basis points decline in the June quarter," UBS stated, citing data from Counterpoint.
This decline marks a significant trend, as "iPhone lost share in all of the major markets we track except Europe."
Europe stands out as a bright spot for Apple. iPhone units in Europe increased by 20% year-over-year in the June quarter, recovering from a weak performance the previous year due to price hikes during the iPhone 14 launch.
However, this positive performance in Europe contrasts sharply with other regions.
In the U.S., UBS said iPhone units fell by 8% year-over-year to 12.3 million, while the overall market declined by only 2%, resulting in a share loss of approximately 290 basis points.
Meanwhile, in China, the bank said iPhone units decreased by 6% to 10.3 million, against a 6% market growth, leading to a share loss of around 190 basis points. Similarly, in India, iPhone units dropped by 16% to 1.5 million, compared to a market decline of 4%, resulting in a 60 basis points share loss.
Overall, iPhone's global market share dipped to around 16% in the June quarter from 17% a year earlier, according to UBS.
"Demand for high-end iPhones has been relatively stable during non-launch quarters," UBS noted, estimating iPhone 15 series sell-through at 34 million units in the June quarter, slightly higher than the iPhone 14's 32 million units in the same period last year.
These findings indicate that while Apple maintains some strengths, particularly in Europe, it faces significant challenges in retaining its market share in other major regions.