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Tuesday November 24, 2020

Huawei’s share of the phone market will decline to 4% next year

An economic report expects the share of the Chinese electronics and communications equipment company Huawei from the global phone market to only 4% during the next year, which represents a significant decline in the position of the company, which was the first in the world in terms of sales last summer.
With the withdrawal of the Trend Force Report for Market Studies issued today, Tuesday, it is expected that Huawei’s share of the phone market during the current year will reach 14% before declining to 4% next year.

US sanctions
The Bloomberg News Agency indicated that the successive US sanctions against the Chinese company have prevented it from obtaining basic applications for smartphones, as well as from chip design and manufacturing partners, which deprived it of benefiting from the latest technological developments in the field.

Selling the “Honor” brand
“Huawei” announced earlier this month the sale of its brand of low-cost smartphones, “Honor”, in an attempt to salvage the unit, which is facing increasing difficulties due to US sanctions.

pressure
Huawei said, in a statement, that its business is under “tremendous pressure” due to the unavailability of the necessary components for the smartphone unit. The move comes at a time when the company is suffering as a result of the sanctions imposed by the administration of US President Donald Trump, which accuses it of facilitating espionage for Beijing. Huawei denies the accusations.

Huawei confirmed that, after the sale, it will not own any shares in the new company or participate in its management.

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Financial details of the deal were not disclosed. Huawei says it sells more than 70 million Honor brand smartphones annually.

The company’s sales growth rate declined to 9.9% in the first nine months of the year compared to the same period last year, compared to a growth of 13.1% in the first half of the year.

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