- Chinese consumer electronics maker Honor has launched its flagship foldable smartphone overseas, entering the high-end market dominated by Samsung and Apple.
- The Honor Magic V2 will be available in Europe and other markets, not the US, by the first quarter of 2024 at the latest, the company said.
- The Magic V2 comes with all the latest features you’d expect from a premium phone. It features a triple-lens camera, Qualcomm’s latest mobile chipset, and up to 1 terabyte of storage options.
Honor launched the Magic V2 foldable from the Chinese market on July 12, 2023.
honor
Chinese consumer electronics maker Honor has launched its flagship foldable smartphone overseas, entering the high-end market dominated by Samsung and Apple.
The Honor Magic V2 will be available in Europe and other markets, not the US, by the first quarter of 2024 at the latest, the company said.
Honor is a coalition of investors seeking to make Huawei independent from Huawei after the company was hit with a number of U.S. sanctions that cut it off from key technology, crushed its smartphone business and stripped Huawei of the world’s number one company. was sold to. It’s a small portion of the total market.
Since its spin-off, Honor has been trying to chart its own path, especially focusing on the premium segment in the smartphone field and expanding overseas.
Magic V2 is the company’s second foldable smartphone. The entire phone can be folded and unfolded.
Honor launched the device in China in July, with prices starting at 8,999 yuan ($1,235), and it appears to have gotten off to a strong start. The Shenzhen-based company would hope to see similar success overseas. The price of the mobile phone in the international market has not yet been announced.
According to IDC, Honor gained 5.2% market share in the second quarter of this year, slightly higher than 4.9% in the same period last year, but remains a small player in the market. China accounts for almost 78% of Honor’s total smartphone shipments, highlighting Honor’s dependence on the domestic market.
The Magic V2 is part of Honor’s strategy to improve its global position by launching high-spec mobile phones at competitive prices, especially in mature European markets such as the UK. is.
“Honor appears to be following the strategy of Huawei, which had great success in the global smartphone market before US actions upended the global smartphone market, with a focus on primarily premium technology and specs.” We are aiming for a comprehensive portfolio,” said director Simon Baker. IDC’s Mobile Phone Survey in Europe told CNBC in an email.
“But now independent Honor is doing it with fewer resources than Huawei.”
However, Honor faces many challenges when trying to compete with high-end giants Apple and Samsung, especially when it comes to building brand awareness.
“Both Apple and Samsung have significant advantages in terms of scale, R&D resources, and marketing power. Honor’s new mobile phone has been very well received as a product in general, but it has been well received in the mobile phone industry. It takes years to become a known and respected name,” Baker added.
The Magic V2 comes with all the latest features you’d expect from a premium phone.
It features a triple-lens camera, Qualcomm’s latest mobile chipset, and up to 1 terabyte of storage options.
When the phone is unfolded, users can enjoy a 7.92-inch screen.
The device measures 9.9 millimeters when folded, which is smaller than its closest rival, the Samsung Galaxy Z Fold5, which measures 13.4 millimeters. Honor products are lighter than Samsung products.
CNBC took a look at the battery inside the device, and it’s very thin at just 2.72 mm thick.
Although the specs are innovative, Honor may still have a hard time convincing people to buy its device.
“When Honor was a subsidiary brand of Huawei, Honor didn’t have a presence or name recognition in many countries. For many consumers, Honor doesn’t easily associate with Huawei, which is an advantage now. At the same time, Honor needs to establish itself as a recognized entity, “as a trusted luxury brand,” Baker said.
According to Counterpoint Research, Samsung and Apple accounted for nearly 70% of the Western European smartphone market in the first quarter, while Chinese brand Xiaomi was in a distant third place with a 15% market share. This highlights Honor’s challenges in some of the markets it seeks to gain a foothold in.
“The experience of Chinese mobile phone manufacturers that followed Huawei into Europe in recent years has shown that it is particularly difficult to persuade consumers to buy their more expensive models.” Baker said.
On Friday, Honor also unveiled a concept device designed to be worn like a handbag.