Honor Celebrates Third Anniversary, Plans to Double-down on Foldables
In line with the celebration of its three-year anniversary, smartphone manufacturer Huawei recently took to stage during the Fortune Global Forum 2023 in Abu Dhabi to highlight several key points regarding its plans moving forward, as well as its views regarding the future of Android hardware.
While the company is preparing to launch the Honor Magic V2 for global markets, it noted how the smartphone market is moving towards a more foldable-centric landscape, drawing parallels between the adoption of foldable devices and electric vehicles in the auto industry. With this in mind, Honor noted how recent data suggests that more than 64% of high-end smartphone users in China are open to switching to foldable devices.
This arms-open-wide approach to foldables on Honor’s behalf is somewhat understandable, given the company’s recent 1-million manufacturing milestone, with the Honor Magic V2 ranking as the current best-selling foldable in China, even out-selling big players such as Samsung. Honor also managed to capture 25% market share of the Chinese foldable market, according to research firm Omdia.
Additionally, Honor posted some impressive numbers with nearly 200% sales growth in overseas markets for 2023. In Europe for example, Honor was the only brand in the top five rankings to grow YoY in the third quarter. This is in addition to its top position in the Chinese foldable market for Q3 2023.
With that being said, it looks like the company isn’t backing down on the race for the growing foldable smartphone industry, and it is refreshing to see more competition present in more markets worldwide.