The growing smartphones market of India has been able to attract Huawei’s attention to make investments worth $100 million and increase local production
Chinese gear maker, Huawei is planning to invest around $100 million from 2019 to build its image as a successful brand and expand its local manufacturing capacity in India. As per ET reports, the company has carved out a three-year investment plan to tap into the growing opportunities in the smartphone segment in the country, which will focus on making Honor available for all, and Huawei a premium brand.
India’s smartphones market
George Zhao, global president, Honor considers India as a key market for the company and has informed that it has achieved around 400 per cent growth since the past nine months. Honor’s aim is to bag the top smartphone brand by 2021.
As India is in the process to expand 4G services and preparing for 5G rollout, Jim Xu, Global VP, consumer business group, Huawei believes making investments in the smartphones segment now will be profitable. It has tied up with the Taiwan-based manufacturer, Foxconn to produce smartphones in its Chennai facility.
Huawei plans to increase its market share from 3 per cent to 5-10 per cent in India from 2019 and for the purpose, it has focused more to come up with a higher priced smartphone series. It also plans to set up exclusive stores in India to reach out to the users.
Huawei has acquired the top position in the world’s largest smartphone market, i.e. China. It witnessed around 153 million from global smartphone sales in 2017 and has therefore attempted to foray into the industry in India. Its plan includes the introduction of laptops, tablets, wearables and Internet of Things (IoT) products apart from its exclusive stores in India.