The US is popular as the nation of opportunities and the world’s largest economy. The tech industry went uphill on a new growth curve in the US, especially from Silicon Valley. Most of the major technology brands in the world are from the US, be it in software or hardware. The last 50 years have been completely dominated by the most powerful economy in the world.
Apple is literally the ‘apple of their eyes’ for the US. It is among the top three companies in the world with the highest valuation. Apple was once the leader of the Smartphone market and the prime innovator in the market as well. Most of the new technologies were invented by the company and marketed by its boss Steve Jobs. Samsung, the South Korea technology leader has been innovating a lot in the Smartphone technology too.
According to a LinkedIn post by Mr. Sparsh Chhabra, an economist at ICICI bank, the iPhone sales have been on a steady decline in China.
China is the largest Smartphone market in the world. The local companies have been raising their quality and quantity simultaneously. Homegrown giants such as Huawei, Xiaomi and OnePlus are ruling the global markets.
Huawei surpassed Apple in 2018 to become the second largest Smartphone maker in the world after Samsung. OnePlus recently became the most popular premium Smartphone market in India, which is the second largest Smartphone market in the world.
The American companies are slowly losing out to the Chinese giants in terms of technology and market share. The Chinese companies for a long time were focusing on reverse engineering and imitation game, however, it has changed in recent years. We have seen companies such as Huawei, Oppo, Vivo and Xiaomi take initiatives to innovate instead of copy from others. They have been manufacturing excellent technologies. This has put them on the map and for good reasons.
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According to Professor Jeyaseelan from Madras University, the US is losing its technology lever. The US used to sway international trade in its favour with its dominance over the technologies. This has changed and other countries are making significant developments in their technology, which is threatening the US’s dominance. China is at the forefront of this change. The recent trade war between the US and China was a prime example of the fear that China has instigated in the minds of the US government.
India is another major global power that has been a huge market in the past and continues to do so. In recent times, the Indian government has taken steps to, first, bring the manufacturing processes to the country and then build upon it the country’s manufacturing prowess in future. Many Chinese, Korean and Taiwanese manufacturing companies have opened their units in India to work in sync with the government’s ‘Make in India’ plan.