Honor intends to increase its global market share in next 3 years
The one and only Chinese brand to have seen an increase in market share outside of mainland China during the first quarter of 2023 was Honor. Now, nearly a year later, the brand has disclosed the amount of growth it experienced all year long.
Furthermore, the brand revealed its growth plans for 2024. Even for the upcoming years, it has set an ambitious target.
Honor invited many reporters for media interviews after they made announcements about new products at MWC 2024. The CEO of the company, George Zhao, shared some interesting information during these interviews.
He revealed that in 2023, Honor’s handset sales in the EU increased by almost 200%. By 2024, the brand is expecting to grow by 100%.
According to the CEO, the company will be using AI technology to power the growth. He believes that MagicOS 8.0’s intent-based user interface (UI) is the future.
Additionally, Honor is also collaborating with Google and Meta to feature on-device AI models. A functional demo of Meta’s Llama 2 LLM (Large Language Model) is already available on the company’s most recent premium slab smartphone, the Magic 6 Pro.
Above all, in the next three years, Honor is targeting to grow its phone sales globally to account for more than half of its overall sales. At the moment, this percentage is 20%.
Although Mr. Zhao withheld details of the company’s strategy for accomplishing this. We predict that the company will increase its market share in important parts like Latin America (LATAM) and the Middle East and Africa (MEA) by offering mid-range and cost-effective X series phones and number series phones.
Lastly, Honor is aiming to compete in the premium smartphone market segment alongside Apple and Samsung. This is not shocking considering that the business is taking over from its earlier parent Huawei in international markets. This is evident in the extravagant price of its innovation-driven flagship Magic lineup handsets.
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