They are lagging behind the Asian companies on the actual equipment: Chinese phones have far better battery capacity, camera sensors and screens are both sourced from competitors, Mediatek has caught up to them on the SoC side of thing. People here are musing the Air might be a foldable prototype, something Asian brands have been releasing and improving for, what, five years now.
On top of that, they have been struggling on the software side of things for quite some time. Stability is so-so. AI features don't really work. Plus, they pretty much stopped delivering new features in the EU.
To me it looks like the only thing Apple has going for it is their brand image in the USA and their locked down ecosystem. Might be fine to keep revenue steady but doesn't bod well for growth.
I personally went back to Android this generation when my iPhone 13 became unusable. I doubt I will be the only one making the switch.