Chinese language smartphone model Realme is ready to launch its first high-end smartphone abroad subsequent week in a bid to develop market share in Europe and proceed its fast development.
The transfer will pit the corporate, which started in 2018, in opposition to the likes of Apple and Samsung which dominate the high-end section, in addition to Chinese language rival Xiaomi which has grown rapidly abroad.
The GT 2 and GT 2 Professional smartphones will launch on Monday on the annual Cellular World Congress in Barcelona, Spain. It’s the firm’s first look on the world’s largest cell commerce convention, underscoring its need to develop market share outdoors of China.
“In China and the European market, we wish to give attention to the breakthrough to the high-end market,” Realme CEO Sky Li stated in an unique interview, based on a CNBC translation of his Mandarin remarks.
“Within the European market, in addition to another market, we place ourselves as offering reasonably priced telephones with excellent efficiency and classy design. Within the European market, we’ve the identical technique.”
Realme will not be well-known to shoppers in Western Europe or the U.S. however it has been rising rapidly. Within the fourth quarter, Realme shipped 20.65 million smartphones, up 48% year-on-year, based on information from Counterpoint Analysis. Apple in the meantime noticed a decline whereas Samsung noticed simply 8% development.
Nonetheless, Realme is relatively small with a world market share of simply 6%. Apple shipped round 81.5 million smartphones within the December quarter, for instance, Counterpoint Analysis information exhibits.
The Realme GT 2 Professional smartphone is pictured. The Chinese language smartphone maker hopes its first high-end gadget will assist it acquire market share in Europe and different areas.
However Realme has made headway in markets with extra price-conscious shoppers the place its decrease priced, but excessive spec telephones have discovered attraction. It’s the second-largest smartphone participant in India.
CEO Li is hoping to keep up that wholesome development this 12 months.
“In 2021, we managed 50% development. Prior to now three years, we stored excessive development. In 2022, we would like preserve the expansion fee, at 40% or 50%,” Li informed CNBC, including the corporate needs to promote greater than 85 million telephones globally.
Realme faces various challenges in its push to achieve share within the high-end market, most notably attempting to persuade shoppers to purchase their units as a substitute of from established gamers like Apple, Samsung and even Xiaomi.
The GT 2 will retail for round $600 whereas the GT 2 Professional will begin at round $800.
“Its subsequent problem shall be to persuade clients who’re used to buying established model names to pay comparable costs for Realme,” Harmeet Singh Walia, senior analyst at Counterpoint Analysis, informed CNBC.
“On this regard, whereas it should face some problem from Samsung and Apple, it should additionally face a problem from distributors resembling Xiaomi and OnePlus that promote units in an analogous or its desired value vary.”