Honor, a Chinese consumer electronics firm, has defied the market dominance of Apple and Samsung by releasing its flagship foldable smartphone abroad. With features such as a triple lens camera, a Qualcomm mobile chipset and up to 1 terabyte storage capacity, the Magic V2 will be available in Europe and other markets by the start of 2024. However, the phone won't be for sale in the United States.
Honor, the Chinese consumer electronics firm, has ventured into the high-end market which is largely controlled by Samsung and Apple by launching its flagship foldable smartphone overseas. The Honor Magic V2 is set to be available in Europe and other markets (except the U.S.) by the first quarter of 2024. This move follows after the spinoff of Honor from Huawei due to the sanctions imposed by the U.S. which shrank the latter's smartphone business. Honor has since been aiming for the premium market and expanding its presence worldwide, and the new foldable device marks its second attempt in this sector. Released in China last July, the Magic V2 has started strong, with a price tag of 8,999 yuan (approximately $1,235). International markets are yet to receive info on the cost of the phone.
Honor held a 5.2% market share in Q2 of this year, up from 4.9% from the same period in the past year. As a small player, the Chinese market accounts for nearly 78% of total smartphone shipments, prompting the need to launch competitively priced, high-spec phones in mature European markets such as the U.K. This strategy mirrors Huawei's,minus its resources, with an emphasis on top notch specs. Despite the favorable reviews of these new phones, it may take years for Honor to gain notoriety and respect due to the scale and R&D resources of Apple and Samsung as well as their marketing influence.
The Magic V2 boasts the latest phone technology, like a triple lens camera, Qualcomm's new mobile chipset, and 1TB storage options. Users can enjoy a 7.92-inch screen when the phone is unfolded and its size is 9.9 millimeters when folded, making it smaller than the 13.4 millimeters of its top competitor, the Samsung Galaxy Z Fold5, and lighter as well. The battery is a mere 2.72 mm thin. While the specs are cutting edge, Honor may struggle to encourage people to buy its device. Since Honor was only a subsidiary of Huawei, it wasn't known or present in many countries, which gives it an edge, but also presents a challenge as it now needs to create a trusted and premium reputation. In Western Europe, Samsung and Apple made up nearly 70% of the smartphone market, while Xiaomi was a distant third with 15%, which shows Honor's challenge in some of the regions it is trying to enter. On Friday, Honor also revealed a concept item designed to be worn like a handbag.
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