(Yicai) Sept. 5 -- Europe is the second most important market for Honor, the chief executive officer of the Chinese smartphone maker said at the consumer electronics trade show being held in Berlin.

“We’re committed to the European market in the long term,” Zhao Ming told Yicai at the five-day IFA 2023 which ends today. “The future of Honor’s overseas market has no ceiling, as its compound growth rate will reach 50 percent, or even 70 percent to 80 percent.”

Honor’s European team will not set overly aggressive sales targets for the moment, Zhao noted, adding that the Shenzhen-based company would rather build a sustainable business, brand logic, and consumer recognition in Europe than focus on short-term sales targets.

The size of the entire European market for devices is about 130 million to 140 million units, according to Zhao. Smartphones sell on average for around USD500 apiece in Europe, but can cost as much as USD700 to USD800 in some countries such as Germany.

Honor has used both online and offline channels to re-enter the German market, Yicai learned from an insider. For offline channels, the company has begun cooperating with MediaMarkt, while for online channels, the firm mainly depends on its own website and other partners.

At the IFA 2023, Honor released a concept folding phone to continue maintaining its positioning as a tech pioneer. The V Purse is the thinnest foldable smartphone on the market, being only nine-millimeters thick.

Zhao also expressed “joy and congratulations” at the return of Huawei Technologies’ smartphones, noting that this endows the competition with more possibilities and charm.

Huawei sold Honor in November 2020 to a consortium that included more than 30 distributors due to US curbs on the Shenzhen-based telecoms giant buying American technologies.

Editor: Futura Costaglione