Apple has fallen to number six in Chinese smartphone market share during third quarter 2012 according to information by IDC. The reason for this drop is partially due to the rising number of homegrown Chinese mobile companies like Coolpad, which just stole the third spot. Currently, China-based Lenovo holds the most smartphone market share in China while Samsung is number two on the list. Both of these manufacturers offer dirt cheap phones, something which Apple has yet to do. Apple currently holds less than 10 percent of smartphone market share in China.
This news comes one day after Apple took its biggest stock hit in four years. This hit cost Apple $35 billion in share value. However, late last month Citi stated that Apple’s stock is heading for a rebound. Glen Yeung, Citi‘s Apple watcher, expects the company to hit $675 per share over the next twelve months.
It’s worth noting that the iPhone 5 has yet to get in the hands of consumers in China, so Apple’s Chinese smartphone market share could possibly shoot up in the coming weeks. Apple is also rumored to introduce a cheaper smartphone in the future. If this was to happen, we could see Apple start to gain Chinese market share rapidly. Finally, Apple is also reportedly working with China Mobile, the world’s largest mobile carrier, to offer the iPhone on its network. However, the two companies are having trouble coming to a compromise.
