Honor Expresses Confidence in Overseas Market in the Coming 3-5 Years

BEIJING, May 31 (TMTPOST) — Chinese smartphone brand Honor’s CEO Zhao Ming expressed confidence in the overseas market in an interview, commenting that Honor will not peak in the coming three or five years.

Honor launched its Honor 70 series on Monday. In an interview, Zhao said that offline sales accounted for over 70% of the total sales of Honor’s smartphones. According to Zhao, Honor will increase its brick-and-mortar outlets from two thousand something to more than three thousand.

In 2022, Honor will ship out less than 300 million units in the Chinese market, Zhao said. However, he stressed that what really matters is the company’s strategy for different market conditions. Wang noted that Honor will have a brilliant year in the overseas market in 2022. In the coming three or five years, Honor will not meet any ceiling in the overseas market, Zhao said. Honor’s success in the overseas market will be determined by Honor’s organizational strength overseas and product improvement.

Current market conditions have imposed great pressure on smartphone brands in China in the first half of 2022.

Statistics from the China Academy of Information and Communications Technology show that 18.079 million smartphones were shipped out in the Chinese market in April, registering down 34.2% year-on-year. 87.425 million smartphones were shipped out in the Chinese market between January and April, slumping by 30.3% year-on-year.

Market research firm IDC estimates that the size of the Chinese smartphone market would fall below 300 million units in 2022 if there is no positive external stimulus.

“I agreed with many analysts’ judgment about the market. This year it will definitely fall under 300 million smartphones,” Zhao said. However, he stressed that what really matters is having the right strategy and solution.

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