Nokia has had a very good year in 2005. Now they are predicting that 2006 will be just as good. In fact, they predict that the global market for phones will grow faster than many people expect. “The robust growth will continue and will exceed expectations, as it did this year,” said CEO Jorma Ollila.
Nokia is looking for much of that growth to come from China, one of their fastest growing markets. “We estimate that by 2010 China will have added another 250 million subscribers, strengthening its position as the single largest mobile market in the world,” said Ollila. There are currently about 380 million subscribers in the country.
Nokia sold 23 million phones in the region in the first nine months of 2005, which was up 77% from last year. They sold $3.3 billion in China, Hong Kong, Macau and Taiwan in nine months and exported $2.2 billion more from the region.
Nokia isn’t the only company thriving in the current market. Motorola, the second biggest maker behind Nokia, saw their handset sales increase by 66%.