The change in ranking comes after a tough year that saw consumers going slow on smartphone upgrades.

Apple ended Samsung Electronics’ 12-year run as the largest seller of smartphones in the world, after commanding a 20% share of the market in 2023, according to data from International Data Corp.

Samsung ended the year with a 19.4% share, followed by China’s Xiaomi, Oppo and Transsion, preliminary data from IDC’s Worldwide Quarterly Mobile Phone Tracker showed.

The change in ranking comes after a tough year that saw consumers going slow on smartphone upgrades due to broader macro uncertainty and high inflation.

A slower-than-expected recovery in China, the world’s largest smartphone market, also weighed on overall phone sales.

Apple and Transsion were the only brands in the top five to record growth in shipments last year, when the market declined 3.2% to 1.17 billion units and hit a decade low.

Apple, however, is facing pressure in China from a resurgent Huawei as well as from budget Chinese brands. The iPhone-maker is offering rare discounts of as much as 5% on some models in the country to attract customers.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test. The world’s top 500 most valuable and strongest global brands are included in the annual Brand Finance Global 500 2024 ranking.

Apple has achieved a remarkable brand value increase, even as iPhone sales have largely plateaued, as its strategy of finding new markets, expanding its ecosystem, and encouraging upgrades to higher-value iPhones has been highly effective. Apple has maintained its position as the dominant player in the premium smartphone market, with a share of 71%.

David Haigh, Chairman and CEO of Brand Finance commented:

“Apple has grown its brand value through strategic diversification and premiumisation. According to our research, more than 50% of respondents recognised Apple as expensive, but worth the price, reinforcing the brand’s ability to demand a price premium”.

NVIDIA (brand value up 163% to $44.5 billion) become the world’s fastest-growing brand.

A key supplier of chips in the AI space, NVIDIA is perceived as highly innovative while familiarity, consideration, and recommendation levels all increased year-on-year, according to Brand Finance research.

Deutsche Telekom (brand value up 17% to $73.3 billion) has claimed the title as the world’s most valuable telecoms brand, surpassing Verizon (brand value up 6% to $71.8 billion). Ranked 9th globally, it also leads as the most valuable European brand.

Tesla (brand value down 12% to USD58.3 billion) has dropped out of the top 10, falling to 18th and BYD (brand value up 20% to USD12.1 billion) has now overtaken Tesla to become the world’s largest EV maker.

That said, despite BYD’s greater production volume, Tesla’s brand value is five times that of BYD. This highlights the enduring significance of brands as corporate assets, allowing Tesla to command a price premium, support its company value, and potentially fuel renewed growth.

Apple is prepared to remove the blood-oxygen sensor from its internet-connected watches if a court doesn’t give it more leeway while it pursues a bid to overturn a ruling that has blocked its use of the technology.

A potential redesign of two Apple Watch models, the Series 9 and Ultra 2, that would exclude the blood-oxygen sensor has been approved by the U.S. Customs and Border Protection, according to a Monday court filing by Masimo, a Southern California company pursuing a patent claim against Apple.

The document didn’t disclose how Apple plans to remove the blood-oxygen sensor, although analysts have speculated the change could come through a software update.

Masimo won a favorable ruling from the U.S. International Trade Commission in late October that prompted Apple to temporarily halt sales of the Apple Watch models with the blood-oxygen sensor just before Christmas. But Apple then filed an appeal of the ITC ruling that resulted in a order clearing the way for the two Apple Watch models to return to stores shortly after Christmas while the appeal is under review.

The U.S. Court of Appeals in Washington is expected to decide whether it extend the stay later this month. If it does, the Series 9 and Ultra 2 can remain on sale with the blood-oxygen sensors intact.

It will probably take at least a year for the appeals process to unfold, meaning Apple will need an extended stay to continue selling the watches with the blood-oxygen sensors as part of the company’s effort to position the products as health-monitoring devices.

Apple declined to comment on the court filing disclosing its plans to remove the blood-oxygen sensor if the stay isn’t extended.

In their arguments filed so far with the appeals court, Masimo and Apple have been painting dramatically different pictures of the technology involved in the dispute.