China’s Realme to launch first high-end smartphone overseas
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Realme, a Chinese smartphone manufacturer is set to release its first premium smartphone abroad next week. This will help it expand its market share in Europe as well as continue its rapid growth.
It will place the company against companies such as Amazon, which it started in 2018. Apple SamsungThey are China’s top high-end competitor, but also the dominant segment in its own right. XiaomiIt has been growing quickly in other countries.
On Monday, the GT 2 and GT 2 Pro smartphone will be launched at Barcelona’s annual Mobile World Congress. This is the first time the company has made an appearance at the largest mobile trade show in the world, and it demonstrates its determination to expand market share beyond China.
Sky Li, Realme CEO, said that in China and Europe, “we want to focus upon the breakthrough to high-end marketplace,” according to CNBC’s translation.
We are known for providing phones at an affordable price with exceptional performance and fashionable design in the European market. We have the same strategy in the European market.
Elevated targets
While Realme might not be known by consumers in Western Europe and the U.S., its popularity has grown rapidly. According to Counterpoint Research data, Realme shipped 26.5 million smartphones in the fourth quarter. This is 48% more than last year. Apple saw a decrease in sales, while Samsung experienced 8% growth.
Realme’s global market share is only 6%, however. Counterpoint Research data indicates that Apple sold around 81.5 millions smartphones during the December quarter.
Pictured is the Realme GT 2 Pro smartphone. China’s smartphone manufacturer hopes that its first high-end product will allow it to gain market share in Europe, and other countries.
Realme
Realme is making a strong impression in countries with higher-priced consumers, where it has been able to sell its low-cost phones but still have high quality specs. Realme is India’s second largest smartphone manufacturer.
CEO Li hopes to continue that healthy growth in the coming year.
We achieved 50% growth in 2021. High growth has been maintained over the last three year. CNBC spoke with Li about the desire to keep growth rates at 40 percent or 50 percent in 2022. Li also stated that they want more than 85,000,000 phones sold worldwide.
Apple, Samsung challenge
Realme has many challenges as it tries to increase its share of the high-end market.
GT 2 is expected to retail at approximately $600, while GT 2 Pro will sell for about $800.
CNBC spoke with Harmeet Walia (senior analyst, Counterpoint Research) about the next task: convincing customers, who have become accustomed to buying established brands, to buy Realme at similar prices.
It will be challenged by Apple and Samsung in this area, but it will also have to contend with vendors like Xiaomi and OnePlus, which sell similar devices at a lower price or the same range.
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