A press release by Huawei on Wednesday, January 29 announced that Brand Finance, a leading brand valuation and strategy consultancy firm has named the Chinese tech giant one of the top 10 most valuable brands.
This marks the first time that Huawei has entered top 10 of the list by the United Kingdom based consultancy.
In the recently published Brand Finance Global 500 2020 report, Huawei is the third Chinese company on the list, with a brand value of $65.084 billion, up 4.5 percent year-on-year.
"Clearly the next big opportunity for the telecommunications industry, the 5G space is inviting fierce competition, with Huawei expanding into markets traditionally covered by Western providers," wrote the Brand Finance in the report.
"Despite sparking controversy, the Chinese giant is making clear headway, and with a brand value of US$65.1 billion, now counts among the world's top 10 most valuable brands for the first time," the report furthered.
With 205 companies accounting for 45.4 percent of the top 500, US is the most represented economy in the ranking with a combined brand value of $320.4 billion. China follows closely with 70 companies, equivalent to 18.9 percent, and a combined brand value of $133.4 billion.
The technology sector continues to draw the most attention as the most valuable sector. Of the 500 most valuable brands, 46 of them, accounting for 14 percent - originated from the tech sector. Together, they have a combined brand value of $986.5 billion. Huawei is the sole Chinese tech brand among the top 10 most valuable brands.
Huawei's brand value growth can be attributed to its commitment to innovation to continually improve product competitiveness and consumer experience. Winning critical and popular acclaim for their technological breakthroughs, Huawei's 5G smartphones recorded 6.9 million unit shipments as of December 2019.
Huawei also built out its all-scenario experience by introducing a range of new products spanning multiple categories, including tablets, PCs, wearables and the internet of things (IoT) devices in the HiLink ecosystem, all of which exhibited a certain degree of growth.
Huawei remains committed to the all-scenario strategy for the future.
Richard Yu, the Chief Executive Officer of Huawei Consumer Business Group said: "The all-scenario strategy will remain the primary focus of Huawei for the next five to 10 years. We are steadfast in our commitment to creating an integrated ecosystem, in which tablets, PCs, VR devices, wearables, smart displays, smart speakers, cars and the IoT are all connected to smartphones to deliver a truly seamless user experience."