On July 12, 2023, Honor introduced its highly anticipated Magic V2 foldable smartphone in the Chinese market. JD.com, a leading e-commerce site in China, currently ranks the Honor Magic V2 alongside Apple iPhone models in the top three positions for “hot sales” of smartphones.
The Magic V2, a spin-off from Huawei, made its debut with a starting price of 8,999 yuan ($1,245) and officially went on sale on Thursday. However, due to high demand during the pre-sale period, new orders are expected to be delivered in mid-September, as reported by JD.com’s app, which is a popular platform for electronics purchases in China.
As of Thursday morning, the 9,999-yuan model of the Magic V2 ranked second in popularity among smartphone sales on JD.com, with the 7,799-yuan Apple iPhone 14 Pro securing the top spot. The iPhone 13 held third place.
The Magic V2 boasts a foldable design that enables it to be almost as thin as an iPhone, measuring just 9.9 millimeters when folded. In terms of battery life, the device strikes a balance between thinness and performance, offering approximately 14 hours of video playback on its unfolded large screen. Comparatively, the iPhone 14 claims to provide 20-30 hours of video playback on a single battery charge, depending on the model.
Ethan Qi, associate director at Counterpoint Research, highlights the Magic V2’s remarkable features, including its incredibly thin body and lightweight design. Qi believes the positive pre-sales figures in China demonstrate the strength of the premium smartphone segment and indicate promising growth prospects for foldable devices in the country.
Competition in the foldable smartphone market continues to intensify. Samsung is gearing up to release slimmer and lighter foldables on July 26, as indicated by a teaser blog post. Samsung’s Galaxy Z Fold4 is priced at 10,999 yuan on JD.com, while the Galaxy Z Flip3, which unfolds like a flip phone, is listed at 4,699 yuan. Other players such as Huawei, Xiaomi, and Vivo also offer foldable smartphones in China’s premium price range.
Foldable smartphones represent a pocket of growth in the overall shrinking global smartphone market. China’s foldable market experienced over 100% year-on-year growth in the first quarter, reaching 1.08 million units, according to Counterpoint Research. This surge contributed to the 64% year-on-year growth of the global foldable smartphone market during the same period. In contrast, the global smartphone market declined by 14.2% in the first quarter, with China experiencing a milder decline of 8%.
Honor, which also operates internationally, has not yet disclosed specific plans for the international availability of the Magic V2. However, in China, the company has established a presence on major e-commerce platforms such as Douyin (China’s version of TikTok) and has already sold over 10,000 units of the Magic V2 on this platform alone. The popularity of livestreaming sales is also on the rise in China, accounting for approximately 17.7% of overall online retail sales in the first half of the year, amounting to around $180 billion, according to data from the Ministry of Commerce. Honor sells its smartphones through platforms like Alibaba’s Tmall and the Kuaishou short video app, both of which support livestreaming sales.
Previously a subsidiary of Huawei, Honor was sold to a consortium of buyers that included the government of Shenzhen following U.S. sanctions against Huawei. The company continues to operate under its new ownership based in Shenzhen.
In conclusion, the Honor Magic V2 foldable smartphone’s strong performance in the Chinese market reflects the growing demand for innovative and premium devices. As competition in the foldable smartphone segment intensifies, industry players such as Honor, Samsung, and others are striving to cater to consumers’ evolving preferences and drive growth in this niche market.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
