Nokia Shrinks Mobile Phone Market in Japan

2008-11-28 15:49:46 (GMT) (WiredPRNews.com - News, Technology)

After failing to establish a significant presence throughout Japan, Nokia has announced they will no longer sell mobile phones in the country other than the luxury Vertu types, as reported by Reuters.

Wired PR News.com – Despite having the fourth largest market for cell phones across the globe, Nokia sales comprise only a small portion of those within the country.

The cell phone industry overall has seen a heavy decline in sales largely attributed to the current economic situation. Timo Ihamuotila, Executive Vice President of Nokia was quoted in the report as stating, “In the current global economic climate, we have concluded that the continuation of our investment in Japan-specific localized products is no longer sustainable.”

Nokia reportedly has approximately 40 percent of the mobile phone market share worldwide. The company has stated they will put more focus into Vertu, their luxury line of mobile products, which range in price from 3,500 to 100,000 euros.