Honor is Fastest Growing Brand
Last year, Huawei and Honor were in crisis due to the sanctions incident, then Huawei sold the Honor brand as a whole at the end of the year, and Honor got rid of the shackles and started to make a big splash. After the independence of Honor did not idle, several products have been updated continuously, cell phones brought Honor 50 series, Magic 3 series, and many other models.
Recently, according to the latest report released by market research agency Counterpoint, in August 2021, Honor sales grew 18% year-on-year and reached a market share of 15%, becoming the third-largest smartphone brand in the Chinese market that month.
Meanwhile, Honor also became one of the fastest-growing brands in China and overtook Xiaomi phones. While Vivo and OPPO ranked the top two in the Chinese market, with market shares of 23% and 21% respectively.
Researchers said that Honor currently has a stable relationship with suppliers, including the Honor 50 series for the mid-range market and the previously launched Magic series that performed well in the high-end market, with a product line covering the full price range. On the other hand, Honor’s close relationship with dealers has helped sales of the phone, while previously suppressed consumer demand from Huawei users has shifted to the Honor brand.
Regarding Honor’s performance, Tarun Pathak, research director at Counterpoint, said: “After being spun off from Huawei, HONOR was able to restore ties with component players. Since then, leveraging its strong R&D capabilities, HONOR has launched new products and has been on a rapid recovery path in China. The HONOR 50 series has been an instant success in the mid-segment. HONOR is also targeting the premium segment with the Magic series, thus expanding its portfolio across price bands. There was also a pent-up demand from the loyal Huawei and HONOR consumers who held on to their devices and did not switch to other brands. Its strong relationships with distributors also helped HONOR relaunch products on a large scale. HONOR’s resurrection will further intensify competition in the Chinese market in H2 2021.”
In addition, the report shows that the growth of the Honor brand is expected to intensify competition in the Chinese smartphone market in the fourth quarter of this year.