2023-06-21 02:06:52
In addition, this region has key markets such as Colombia, Mexico and Peru, which according to the firm will be the ones with the highest growth.
Photo: HONOR.
San Salvador. HONOR swims against the current by breaking the market trend with a rapid expansion in markets outside of China, with Latin America being one of those in which it presented the greatest strength, increasing its shipments by 700% in just one year.
George Zhao, Global CEO of HONOR, during the Mobile World Congress (MWC) 2023, said that “we have the ambition to become the leading provider in the Latin American market.”
According to Counterpoint Research, Latin America has become HONOR’s fastest growing region abroad, with shipments increasing nearly eight times annually and tripling in Q1 2023 compared to Q4 2022.
The report also mentions that constant growth is expected for the brand, especially in key markets such as Mexico, Colombia and Peru. HONOR is increasing its share in most countries in the region, having entered the top five manufacturers in Colombia and Peru, where it has a double-digit share, and is also seeing success in Panama and Guatemala.
Globally, the brand also posted strong shipment growth in key markets such as Europe and the Middle East, of more than 400% and 500%, respectively, regions where Counterpoint Research also mentions continued growth.
The report notes that “Counterpoint Research expects HONOR to gradually increase its position in the overseas market, gaining share from its rivals as it achieves greater distribution across retail and carrier channels, its product portfolio expands, and its brand gain recognition.”
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