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Honor Beats Chinese Smartphone Counterparts on Revenue, ASP Growth, in Q1 2022

by Rajeev Nair | 7月 06, 2022

Wholesale Smartphone Revenue’s for Honor grew by 291% YoY in Q1 2022. It was the highest growth rate for any brand in the quarter. Globally, smartphone revenues declined by -1% YoY, in the first quarter, of the year. Most of the other, prominent Chinese vendors in Xiaomi, OPPO and vivo declined.  Detailed estimates, analysis by region and by brand is available here in our latest report from the Smartphone Country Share Tracker (SCST) Service.

In a short span of just five quarters, Honor has scaled up to be the sixth largest by revenue and with a global share of 3%, in Q1 2022. Honor, being a relatively new smartphone brand has been mostly confined to Asia pacific and in particular to its home market in China. We estimate over 95% of its wholesale revenues to be from Asia pacific region, in Q1 2022. Here, it grew by 370% annually in the quarter and this at a time when its Chinese counterparts witnessed sharp annual declines. Middle East and Africa (MEA) has been the other region where Honor’s revenues grew by 10X but albeit this growth is based on very small volumes.

Global Wholesale Average Selling Price (ASP’s) for Honor brand also posted the highest annual growth at 70%, in Q1 2022. On this metric too, the vendor has scaled up to be among the top 10 in the quarter. Xiaomi, OPPO, vivo and Realme trail.

Honor more than doubled its smartphone volumes in the Asia pacific region, in just over a year. China has been central to most of this growth in Q1 2022, as it led the world’s largest smartphone market for the first time ever. Honor became the quickest to scale up to the top position ever by any vendor in the worlds biggest market.  

Can Honor retain this momentum as it expands beyond its home market of China and the Asia Pacific region for the rest of 2022?

What more it needs to do to stay ahead of its aggressive Chinese counterparts in Xiaomi, OPPO, vivo and Realme?

Wholesale SP revenue growth _ Q1 2022

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