Last updated on June 24th, 2023 at 02:34 am
The global smartphone market is in a state of decline and seems to be moving toward a recession, but Honor is bucking the trend. After being separated from its parent company, Huawei, in 2020, the business has been progressively increasing its market share in important foreign markets.
According to a report by Counterpoint Research, Honor was the only major Chinese brand to register this massive growth in markets outside China in the first quarter of 2023. The numbers are shocking and surpass the graph of the same quarter the previous year.
Strong demand in important markets like Europe, the Middle East, Africa (MEA), and Latin America (LATAM) propelled Honor’s expansion. In Europe, Honor grew by over five-fold. It was able to achieve this by partnering with major retailers and operators, such as Three, Orange, SFR, and Wind Tre.
Honor also registered a whopping eight-fold growth in Latin America. It is already a top-five brand in Colombia and Peru, and it is gaining momentum in Panama and Guatemala. The brand also grew six-fold in MEA. One of the main growth zones was the Middle East, in particular. Honor is a top 5 brand in the UAE, Saudi Arabia, and Iraq.
Though most of Honor’s sales come from its X series outside China, it is expanding its premium portfolio with expensive slab and foldable phones. The Honor Magic 4 Pro, which was launched in March 2023, has been well-received by critics and consumers alike.
Honor’s success in international markets is a result of its solid reputation and capacity to provide premium goods at affordable costs. The business is in a good position to expand in the coming years.
Here are some of the factors that have enabled Honor to increase its market share in international markets:
High brand recognition:
Honor has been able to establish a solid reputation for quality and value in China.
Honor offers high-quality products at competitive prices. This makes its products more affordable than those of some of its competitors.
Wide range of products:
Honor offers a wide range of products, from budget-friendly smartphones to high-end flagship devices. As a result, the business can appeal to a wider group of customers.
Honor has strong partnerships with major retailers and operators in key international markets. That makes the company’s voice louder to reach a huge number of customers and also increases their brand awareness. Honor is a rising star in the global smartphone market. And the potential to lead the market can be seen in this smartphone company. If Honor makes such hard work consistent, eventually we’ll see it as a tech giant in the future.