It's between Samsung and Apple if you're in the market for a high end phone. There are no competitors. Anyone else is just trying to fill a gap whether one exists or not.
Both Samsung and Apple have tried to do the "budget" version of a flagship model with limited success.
You'll always get someone saying they have an (insert-brand) and why buying it was the best decision they ever made. But it usually comes down to...price. More specifically a lower price than Samsung/Apple alternatives. Or for people who are clutching at straws...ooh mine has a 3.5mm jack.
There isn't really a market for mega expensive phones from companies who aren't Samsung or Apple. If we're being honest.
There's nothing particularly noteworthy or exciting about a P40 Lite, other than the fact it costs significantly less than an iPhone or Galaxy.