If you thought Apple was already doing well, think again. The tech giant, already challenging the likes of Exxon-Mobile, is on track to double or even triple its market share, according to one Wall Street analyst.
Although Apple’s iPhone and iPad are top sellers in both the smartphone and tablet categories, the Cupertino, Calif. firm has just 4 percent to 5 percent of the mobile phone market and 12 percent to 13 percent of PCs (If you include the iPad), according to Sterne Agee analyst Shaw Wu.
“We believe [Apple] has opportunity to double or potentially even triple its market share in these end markets over the next few years, particularly with Greater China and international as underpenetrated opportunities,” Wu told investors Wednesday.
Apple is in the enviable position to not need every consumer, Wu said. The company simply needs a “fair share” of markets as users “get the [Apple] advantage of ‘it just works better.'”
The company headed by CEO Steve Jobs is at the forefront of what the analyst calls three trends: the mobile Internet, cloud computing, and consumerization of technology.
Additionally, unlike its PC rivals, Apple has a strong product lineup for the all-important upcoming holiday buying season, such as iOS 5, iCloud, OS X Lion, plus an expected release of a new iPhone, alone with already introducing a new MacBook Air, MacBook Pro and Mac Mini.
Little wonder, then, that Wu reconfirmed his $500 price target for Apple. Do you think there is more room for Apple to grow?
