Despite the economic crisis, smartphone manufacturer Honor achieves impressive growth. The company is also on the rise in Europe.
2022 was the worst year for smartphone sales since 2013 – a direct result of the global financial crisis. But one manufacturer is bucking the trend: Honor. While many smartphone manufacturers are struggling with weak demand, Honor is even expanding. This is shown by a current analysis by market observers from Counterpoint Research .
In the first quarter of 2023, sales outside of China almost quadrupled – a remarkable achievement for a brand that has only been operating independently since November 2020.
Honor is also growing particularly strongly in Latin America. The company was also able to position itself among the top 5 manufacturers in parts of the Middle East and Africa.
Strategic reorientation in Europe
Three regions play a key role in Honor’s success story: Europe, the Middle East and Africa, and Latin America. In these regions, the company was able to increase its deliveries by a factor of five, six and eight, respectively.
In Europe, Honor 2022 initiated important partnerships with leading retailers and mobile operators. This approach proved promising, as around 40 percent of smartphone sales in Europe are made through mobile operators.
Honor’s success in Europe is also based on a three-tiered product portfolio. The company serves the premium segment with the Magic 4 Pro, while the Honor 50 series and the cheaper X series appeal to different groups of buyers. The success is set to continue with the Magic 5 Pro and the foldable Magic Vs.
Do the foldables help?
Honor entered the foldable smartphone market some time ago with the Magic Vs. Despite the currently manageable market size, an increasing proportion of foldable devices is expected by 2027. Along with Google, Honor is currently one of the few manufacturers that has something to counter Samsung’s foldable supremacy .
Further growth is expected for Honor due to the diversified product portfolio and increasing brand awareness. Honor will therefore be able to further expand its position, particularly in key markets such as Great Britain, France and Germany, but also in Latin America and parts of the Middle East and North Africa.
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