Chinese smartphone manufacturers are intensifying efforts to gain a stronger foothold in Europe and sell higher-margin premium devices, with one of the world’s fastest-growing brands aiming to more than double its market share on the continent in the next three years.
Shenzhen-based Realme, which has increased European sales by 275 per cent from 2020 to last year, according to analysts, says it is targeting a market share of more than 10 per cent in the next three to five years, up from 4 per cent.
Currently the continent’s fourth biggest supplier, the handset maker became the fastest ever to reach 100mn global phone shipments in 2021 and the fifth fastest to reach 200mn last year, despite a slowdown in the smartphone market, according to research from Tech Insights and Counterpoint Research.