Here's Why Apple Beat Its Chinese Peers Amid China's Slowdown, Covid Resurgence

China, the biggest smartphone market, will likely shrink by 38 million units in 2022, down 11.5% from 2021 and accounting for about 80% of the global reduction in shipment volume thanks to the economic slowdown as global markets drop by 3.5%, the IDC reports.
IDC previously saw the global market growing by 1.6%.
Only the war-stricken Central and Eastern Europe region will likely shrink faster, as the compounding effects of Covid-19 lockdowns, geopolitical tensions, and surging inflation deter consumer sentiment.
The lockdowns affected global demand and supply by reducing demand in the most significant market globally and impacting the already compromised supply chain.
Apple Inc AAPL seemed to be the least impacted vendor versus its Chinese peers ravaged by the Covid resurgence.
Thanks to greater control over its supply chain and most of its customers in the high-priced segment, Apple shined.
IDC expects the smartphone industry to recover in the latter half of the year with a rebound to 5% growth in 2023.
It saw growth in the wider Asia-Pacific region, excluding China and Japan, likely to finish the year 3% up.
Price Action: AAPL shares closed lower by 0.09% at $148.71 on Wednesday.

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