Huawei’s surging consumer business sector has driven the company’s fastest revenue growth since 2016
Huawei has recorded its fastest annual revenue growth in a decade, driven by a significant surge in its consumer business. The tech giant generated 860 billion yuan in sales revenue last year, marking a 22% year-on-year increase.
Huawei’s consumer business includes smartphones, tablets, and various other smart devices, covering all products and services designed for everyday users.
Before 2019, Huawei was thriving in the global consumer market, benefiting from access to advanced technologies and achieving consistent profit growth. However, the landscape shifted dramatically when the U.S. imposed sanctions on the company in 2019.
U.S. officials accused Huawei of using its products for espionage, a claim the company strongly denied. Despite this, the sanctions led to severe restrictions, cutting Huawei off from crucial technologies and suppliers.
One of the biggest setbacks was the halt in Kirin chip production due to a lack of advanced chipmaking equipment. Huawei had to source processors from other manufacturers like Qualcomm, but even these suppliers were barred from providing 5G chips to China.
As a result, Huawei’s revenue plummeted by 29% in 2021. While the company made efforts to regain momentum, the absence of high-end technologies slowed its recovery.
After years of perseverance, Huawei turned the tide in 2023 with the launch of the Kirin 5G-powered Mate 60 series. While not the most powerful processor, it played a crucial role in helping the company reclaim its position in the consumer market and re-establish its presence in the smartphone industry.
In 2024, Huawei introduced a range of products that fueled the growth of its consumer business. Flagship devices like the Pura 70 series, Pocket 2, Nova Flip foldable, Mate XT, Nova 13 series, Mate X6, and Mate 70 lineup significantly boosted the company’s standing in the smartphone market.
Beyond smartphones, Huawei also saw success in other categories, including tablets, PCs, smart TVs, and more. After years of setbacks, the resurgence of Huawei’s Consumer Business in 2024 resulted in the company’s fastest revenue growth since 2016.
Huawei Chairman Liang Hua confirmed that the company’s consumer business has returned to a growth trajectory. At the same time, other sectors, such as its smart automotive solutions division, continue to thrive in the Chinese market.
•Huawei recorded over $118 billion revenue in 2024, reveals Chairman – GizmoTrends
