Honor’s Smartphone Wholesale Revenue Soars in Q1
According to a report released by Strategy Analytics on July 7, in Q1 2022, the smartphone wholesale revenue of Honor, a Chinese smartphone maker, increased by 291% year-on-year. This is the fastest growth of all brands in this quarter, although global smartphone revenue fell by 1% year-on-year. Sales of other major Chinese manufacturers like Xiaomi, OPPO and vivo all declined during the same period.
In just five quarters, Honor’s revenue has jumped to sixth place in the world, and it has already accounted for 3% of the global market share in Q1 2022. As a relatively new smartphone brand, Honor is mainly confined to the Asia-Pacific region, especially in the Chinese market.
Strategy Analytics estimates that in Q1 2022, more than 95% of Honor’s wholesale revenue came from the Asia-Pacific region. Its annual rate reached 370% in the quarter, while other Chinese smartphone makers saw their annual growth fall sharply. The Middle East and Africa is another region where Honor’s revenue has increased tenfold, but its shipments are not quite as high.
In Q1 2022, Honor’s global wholesale average selling price also showed the highest annual growth rate, reaching 70%. Based on this indicator, the company ranks among the top 10, alongside brands such as Xiaomi, OPPO, vivo and realme this quarter.
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Honor was established in December 2013 and was originally a sub-brand of Huawei. In November 2020, Huawei decided to sell Honor’s business assets as a whole. Since then, Honor has become an independent brand. At present, Honor’s smartphone products are divided into the Magic series, Digital series, X series and Play series. Other products include tablets, smart screens, audio, glasses, watches and so on.