Chinese technology vendor, Huawei, has been named as the world’s 10th most valuable brand, with a net worth of around $65 billion.
The report, published by Brand Finance, highlights a 4.5 per cent growth in Huawei’s net worth, which boosted it from 12th place in 2019 to 10th place in 2020.
“The global transition to 5G connectivity beginning in 2019 saw fierce competition amongst technology companies. In this environment, Huawei successfully expanded into markets traditionally covered by Western providers, and despite some controversy in the US, the company made clear headway. Overall, the report notes that global consumers continue to hold the tech sector in high regard,” said a Brand Finance spokesperson.
Last year Huawei shipped 240 million handsets to the international market, overtaking Apple to become the world’s second most prolific supplier of smartphone devices.
The company’s mobile network equipment division is also booming, after it received approval from a swathe of European countries, including the UK, to proceed with their 5G rollout campaigns.
“The company is an active member of more than 400 standards organizations, industry alliances, and open source communities, and last year ranked fifth on the 2019 EU Industrial R&D Investment Scoreboard as one of the biggest investors in research and development worldwide,” said the Brand Finance spokesperson.
Huawei invests between $10 billion and $15 billion in innovation and research and development each year and has secured 5G launch deals with a swathe of mobile network operators across Europe, Asia and the Middle East.