Huawei overtakes iPhone's No 1 spot on market share in China

Huawei's smartphones are picking up its speed and have overtaken Apple's iPhone to become China's smartphone market leader, according to a report from Jefferies on Monday.

Huawei now possess its market share in China at 23.33 percent, making it to the first place in the market, followed by Apple who possesses 22.21 percent in second place.

Smartphone sales in China showed positive growth year-on-year, when Apple's flagship smartphone experienced a double-digit decline, according to Edison Lee, a Jefferies analyst, said in a report.

Thanks to the strong sales performance demonstrated by Huawei's new smartphones, it is forecast that its new flagship model, the Mate 60 pro, could sell between 5 to 6 million units this year, and the company's sale last year was 22 million units. Whereas Apple's newsiest type has been on the market in China for more than half a month, but its sales fell 4.5 percent compared to its predecessor, according to the report.

Analysts from Morgan Stanley said they were more prudent about Apple's performance forecast for the next quarter, and reduced their quarterly expectations for the iPhone by 8 percent.

"Whether it is for Huawei or Apple, they are going to have to rely on products to win eventually. In recent years, Apple has made modest strides in product innovation. After Huawei Technologies' breakthrough in the limitations on chips, it will gain a more active position in the market. Huawei has overtaken Apple in the Chinese market, and will gradually consolidate this position, which is an inevitable trend," said Xiang Ligang, director general of the Information Consumption Alliance in an interview.