In a dynamic landscape where the smartphone industry is witnessing fluctuations, TECNO, a prominent brand within the Transsion conglomerate has showcased an astounding growth trajectory that has left industry experts and competitors in awe.
The latest data from Counterpoint’s Market Monitor service unveiled an exceptional surge in TECNO’s smartphone shipments across all regions during the third quarter of 2023. The staggering 62% year-on-year (YoY) growth solidified Transsion’s overall performance, marked by a 36% YoY increase in smartphone shipments for the same quarter.
Capturing 4% of the global smartphone market in Q3 2023, TECNO has secured its position as the world’s 9th largest smartphone brand. What’s truly striking is TECNO’s exponential rise, with its market share tripling in a mere three years. This unparalleled growth has propelled the parent company, Transsion, into the echelons of the top 5 smartphone Original Equipment Manufacturers (OEMs).
TECNO’s rise in the market
TECNO’s meteoric rise reflects its unparalleled visibility within Transsion’s portfolio. Notably, the brand’s strategic launch of two foldable devices – first at MWC in Barcelona and subsequently in Singapore – significantly bolstered its global image and underscored its ambitious expansion plans beyond its African stronghold.
TECNO’s differentiation strategy pivots on offering devices equipped with exceptional specifications, encompassing unique designs, impressive displays, robust batteries, and comprehensive camera capabilities at competitive price points.
While TECNO’s shipment volume surged, the brand’s product mix overhaul witnessed a significant expansion in the sale of higher-value devices. Counterpoint’s Global Handset Model Sales service highlighted that almost all TECNO smartphones now boast 4G or 5G connectivity. Particularly, the sales volume of TECNO’s high-end CAMON series and premium PHANTOM series soared.
TECNO
The PHANTOM series showcases the brand’s strides into the mainstream of the global smartphone industry, resonating with consumers outside Africa.
TECNO’s foray into foldable smartphones represents a pivotal step toward securing a prominent position among leading global brands. The launch of the PHANTOM V Fold at MWC 2023 marked the brand’s entrance into the foldable smartphone domain, propelling it to the 9th spot globally for cumulative foldable smartphone sales. The PHANTOM V Fold’s standout attributes – a robust display, absence of creases in the inner screen, extended battery life, and overall stellar performance – mirror the traditional strengths of TECNO’s lower-priced segment devices. This successful transition to competitively-priced flagship offerings instills market confidence in the brand’s future flagship devices, exemplified by the recently launched PHANTOM V Flip.
A promising future
Looking ahead, the growth trajectory appears promising for TECNO and Transsion, buoyed by megatrends such as urbanization, rapid connectivity infrastructure development, feature phone to smartphone migration, cost-efficient components, and the proliferation of digital services.
These factors collectively suggest a favorable long-term outlook, setting the stage for sustained growth and innovation in the ever-evolving smartphone industry.
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