Huawei overtakes Ericsson and Nokia in 2024 consumer business race

Huawei has phased out Ericsson and Nokia in the consumer business battle. The company has scored more sales revenue than the two foreign firms in the 2024 technology and network world with its innovative, feature-pack products.

In a recent forum, Huawei’s Chairman – Liang Hua revealed that the company has achieved a sales revenue of 860 billion yuan ($118 billion) in 2024. The OEM grew 22% over 2023 and witnessed the fastest growth since 2016 despite the US ban.

LightReading now shared more insights on this matter. The report highlights that Huawei not only achieved the fastest growth last year but also surpassed Ericsson and Nokia in the consumer business game with the highest progress rate.

Ericsson and Nokia are major tech players in the communication services and network sector. Both are tough rivals for the Chinese network firms in global markets.

Though these companies didn’t collect much revenue compared to Huawei. As per the latest report, Ericsson’s full-year sales in the consumer market dipped by 6% to 247.9 billion kronor ($22.8 billion), while Nokia went down by 9% to €19.2 billion ($19.9 billion). Both companies faced a significant decline last year.

Huawei overtakes Ericsson and Nokia in 2024 consumer business race (Image Credits: LightReading)

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.

Huawei indirectly admits smartphone sales are growing revenue

(via)