Huawei, a leading technology company has been named number 47 on BrandZ’s Top 100 Most Valuable Global Brands and number 79 in Forbes World’s Most Valuable Brands in 2018.

The company was ranked fifth globally amongst top spending companies in Research and Development (R&D) by the European Union Industrial R&D Investment.

A statement copied to the Ghana News Agency said by the achievement Huawei has strengthened its position as a leading global brand index while also increasing its brand value.

The statement said it was the fourth consecutive year that Huawei had been featured in the top 50.

It said the ground-breaking product innovations such as the Huawei P30 smartphone’s advanced camera system and the unprecedented technological innovation baked into the HuaweiMate X handset; consumer satisfaction and surge in sales had contributed to the achievement.

The statement quoted International Data Corporation (IDC) an analyst firm, as reporting that Huawei provided the only highlight from a vendor perspective, posting year-on-year growth in shipments of more than 50 per cent.

According to the statement, IDC remarked the firm’s laser focus on growing its stature in the world of mobile devices and firmly cementing its number two position.

The statement said Huawei now boasts 19 per cent of global market share in the smartphone category and was the only smart phone vendor at the top of the rankings to experience an increase in shipment volumes throughout the first quarter of 2019.

“Huawei’s success shines a light on a broader trend of Chinese brands succeeding in the global consumer economy. Four of the nine new entries to the BrandZ’s report are based in China and there are 15 Chinese companies now in the top 100,” it said.

“Overall, there was a seven per cent increase from US$ 4.4 to 4.7 trillion over last year’s report, adding a total of $ 328 billion to the brands listed in the report. For the 13th year, consumer technology companies continue to dominate the top rankings, occupying eight out of the ten places in with a combined worth in excess of $ 1 trillion”.

The statement said Huawei was committed to developing technologies that benefit society, as well as consumers and was sure to boost its reputation and standing among global audiences.