Huawei has made a striking comeback in the technology market, launching its Mate 70 smartphone series powered by its first fully self-developed operating system, HarmonyOS NEXT. This launch comes amid a significant surge in Huawei's smartphone shipments in mainland China, where it climbed from fourth to second place by market share last year. The company's revenue for 2024 exceeded 860 billion yuan ($118.27 billion), marking a 22% increase from the previous year and the fastest growth rate since 2016.
In an impressive turnaround, Huawei's smartphone shipments in mainland China rose by 37%, propelling the company past Apple, which fell to third place due to a 17% drop in its market share. Meanwhile, Vivo maintained the lead in market share for 2024. Despite being hit hard in previous years, Huawei's consumer segment is now "returning to growth," supported by its innovative product offerings and strategic market positioning.
The resurgence of Huawei's revenue in 2024 is noteworthy, given that the company faced significant challenges just a few years ago. In 2020, its revenue barely grew, and it plummeted by nearly 29% in 2021. The consumer segment was particularly affected during this period. However, by 2023, Huawei's revenue had risen by 17% year-on-year to 251.5 billion yuan, which is still just over half of what the unit generated at its peak in 2020.
Huawei's information and communications technology business has remained stable throughout these fluctuations, demonstrating resilience amid adversity. Additionally, the company's car solutions business is experiencing "rapid development," contributing to its overall growth strategy. This diversified approach appears to be paying off, as evidenced by the robust revenue figures and positive outlook for its various business segments.
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