Huawei is the most valuable consumer electronics company in China with a valuation of 1.1 trillion yuan ($164.3 billion), according to Hurun China Top 10 Most Valuable Consumer Electronics Companies 2020, published on Oct. 12.
Five out of ten companies on the list are smartphone makers, including Xiaomi (434 billion yuan), VIVO (175 billion yuan) and OPPO (170 billion yuan), which ranked second, third and fourth most valuable consumer electronics companies in China. Combined with the number six on the list, Transsion, a little-known Chinese smartphone manufacturer dominant in African markets, they make up 40% of the global smartphone shipments with 620 million units shipped last year.
Some of the most recognizable Chinese brands in the global market are Chinese consumer electronics brands, Hurun Report chairman Rupert Hoogewerf said in a statement.
“The consumer electronics industry created Apple, the most valuable company in the world with a net worth of $2 trillion,” Hoogewerf said. “The industry will see great opportunities after the pandemic with the development of 5G technology.”
China’s 5G giant Huawei’s successful transition from telecoms and infrastructure to consumer electronics business secured its leading status in the global market, despite the strict US sanctions against it last year that led to its value drop from 1.2 trillion to 1.1 trillion yuan. The most valuable consumer electronics company in China is worth more than the other top nine companies combined.
Last year, Huawei came in second in the global smartphone market with 240 million shipments and 17.6% of market share. It also accounted for the lion’s share of the world’s 5G market last year, shipping 7 million devices with a 37% global market share.
Aside from smartphone makers in the list, Chinese drone maker DJI ranked fifth, with a valuation of 100 billion yuan and computer hardware manufacturer Lenovo Group, worth 54 billion yuan, ranked seventh.