Huawei outpaced Ericsson and Nokia in the 2024 consumer business race.
Huawei has outpaced Ericsson and Nokia in the consumer business arena. The company achieved higher sales revenue than these two foreign competitors in 2024, thanks to its innovative, feature-rich products.
During a recent forum, Huawei Chairman Liang Hua announced that the company generated 860 billion yuan ($118 billion) in sales revenue in 2024, marking a 22% increase over 2023 and the fastest growth since 2016, despite the ongoing US ban.
LightReading provided further insights, noting that Huawei not only experienced the fastest growth last year but also surpassed Ericsson and Nokia in the consumer business segment with the highest progress rate.
While Ericsson and Nokia remain key players in the communications and network services sector and have long been formidable rivals in global markets, their revenue figures lag behind Huawei’s. According to the latest report, Ericsson’s full-year consumer market sales fell by 6% to 247.9 billion kronor ($22.8 billion), and Nokia’s dropped by 9% to €19.2 billion ($19.9 billion), highlighting significant declines for both companies in 2024.
Nokia and Ericsson stressed that they faced “aggressive competition” from their Chinese rivals. Borje Ekholm – the CEO of Ericsson said in July 2024:
“I got the impression over the last few months that everyone thinks Chinese vendors have disappeared and that is not true.”
Apart from the consumer market, Huawei’s operating margin hiked to 14.8% in 2024 which made it even more profitable than Ericsson (1.7%) and Nokia (13.6%).
Huawei will publish its annual report in March. This yearly progress card will reveal the breakdown and profit intakes in detail. Ahead of that, the company has indirectly suggested that the consumer business is helping it to grow amid foreign rivals.
