Huawei bets big on consumer products growth

SHANGHAI -- Chinese tech giant Huawei eyes robust growth of its consumer business as its smart devices led by smartphones continue to expand market presence at home and abroad.

The revenue of its consumer products including smartphones and personal computers might grow to $100 billion in three years and to $150 billion in five years, Yu Chengdong, CEO of Huawei's consumer business group, said Thursday, adding that their team could make these goals achievable.

Yu attributed his confidence to the rapid market expansion as well as high-level consumer satisfaction of their products.

Smartphones will account for about two-thirds of its $150 billion revenue goal, while computers, smartwatches and other smart devices are likely to account for about one-third or 40 percent of the group's revenue, according to him.

The consumer business group raked in $52.5 billion in revenue last year, up 45 percent year-on-year, beating its target of $50 billion two years ahead of schedule.

Huawei also unveiled its flagship P30 smartphone series in China Thursday after its debut in Europe in late March. Priced from 3,988 yuan, the P30 series boast superior photo-shooting capabilities. It only took two seconds for sales of the new series smartphones to exceed 200 million yuan on Huawei's online shopping mall.

Huawei is now one of the world's top three smartphone vendors, and Yu said it is "possible" for the company to claim the biggest global smartphone market share this year.