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Apple still has growth room in China: Analyst

Tech giant Apple still has a lot of room for growth within the Chinese market, according to one analyst.

"There's a big opportunity [for growth]," Will Power, senior analyst at Robert W. Baird, told CNBC's "Squawk on the Street" on Monday. "[Apple's] share is still probably in the single digits. That's a market that's been dominated by Android and lower-end phones."

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The Cupertino, California-based company is expected to announce this week that iPhone sales in China trumped U.S. sales for the first time last year, according to a Financial Times report.

"Analysts estimate that the U.S. tech group reached the turning point in iPhone sales after expanding its presence in China last year via a deal with China Mobile, the country's largest network operator, and after the release of the latest iPhone 6 in the country in October," the report said.

Power added his company has been heartened by recent studies suggesting Apple has been gaining market share across the world. "One of the things that has been encouraging for us [are] the studies that suggest they've regained a fair amount of share not only in Asia, but also throughout Europe," he said. "Even in Samsung's home market [they are] gaining some share. There's no question that the iPhone 6 [and] iPhone 6 Plus have been huge for the company."

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Nevertheless, the company still faces worldwide competition from different cellphone makers, including Xiaomi, which is based in China. "Xiaomi has done great; there's no question about it," Power said. "To date though, [they have] been relegated principally to China. They have aspirations to move beyond China. We'll see how successful they are."

Power also added many Chinese companies like Xiaomi have not fared well outside of the country. "That'll be something to watch, but there's no question they have a very competitive product and are going to continue to make inroads, at least in that Chinese market."