Apple in Europe: How many iPhone switchers are addressable in the near term?

An update using operating system market share

Apple’s performance in China is often noted and scrutinized. During the last quarterly earnings call Amit Daryanani asked:

… the other second question I have for you is maybe just touch on the China strength you folks had. I think this is very close to all-time high revenues you have had in China. What is driving the strength over here?

To which Tim Cook gave the following answer:

Greater China was up 38% year on year. It was driven by iPhone, where we set an all-time revenue record. So it was the best iPhone quarter in history in Greater China. It is driven by the customer enthusiasm for the iPhone 17 lineup. And I would tell you that during the quarter, traffic in our stores in China grew by strong double digits year over year. It was a terrific quarter. Our installed base reached an all-time high in both Greater China and Mainland China. And we set an all-time record for the upgraders, and we saw strong double-digit growth on switchers.

That’s remarkable growth and every quarter we get this sort of discussion. But I don’t recall ever there being a similar discussion about Europe. This is strange because, and the following graph shows, Europe is a bigger market for Apple than China.

Europe also grew, and at 12.7%, grew faster than the Americas and faster than Japan.

Regional Sales CQ4

2025

2024

Growth 

Americas

58,529

52,648

11.2%

Europe

38,146

33,861

12.7%

Greater China

25,526

18,513

37.9%

Japan

9,413

8,987

4.7%

Rest of Asia Pacific

12,142

10,291

18.0%

So why is Europe not discussed. Management does offer some mentions:

The rest of this post is for Asymco members. Continue reading on asymco.com.