Thailand
Thailand: Honor raises local investment
Honor, a Chinese smartphone brand, is increasing investment in the Thai market by 50% to become a top-four player by 2021.
Thailand is projected to become a top 10 market for Honor by 2020, with the top 10 contributing half of total revenue outside of China for the company.
“Since Honor started selling smartphones in Thailand this May, the company tallied 100% month-on-month growth because of its affordable and innovative products that target the younger generation,” said Akin Li, Southeast Asia president of Honor, an affiliate of Huawei Group.
The company increased local investment by 50% from its earlier target to improve market share, as rivals slow their investment in the market.
“Thailand and Vietnam are the top two markets in Southeast Asia because of younger buyers and overall large populations,” said Mr Li.
Over the next 3-4 years, Honor aims to have more than a 10% market share to be among the top four players, and making Thailand one of its 10 largest overseas markets.
For the first nine months this year, Honor’s overseas revenue soared 150% from the same period last year.
Thailand has younger buyers keen on smartphones, particularly brands priced 7,000-10,000 baht, the segment accounted for over 20% of the total smartphone market in Thailand.
To capitalise on demand during the fourth quarter’s smartphone high season, the company introduced Honor8X, which has a cinema position for those who love watching movies and videos.
The latest device will be available from Nov 11 with full view display, eye-protection technology, and is priced 8,900 baht.
“Previously, younger buyers may have wanted iPhones, but Honor is a trend-setting phone at an affordable price,” he said.
Honor also introduced a smartband for runners priced at 990 baht. They are also planning to target the tablet and smart TV markets.
Mr Li said this year Thailand’s smartphone sales volume will shrink by 2-3% but value will continue to grow to US$3.5 billion (115 billion baht) with an average selling price of $200.
Source: https://www.bangkokpost.com/business/news/1563958/honor-raises-local-investment