Chinese consumer electronics company Honor unveiled its latest smartphone—the Honor 90 series -- despite intensified competition and market declines.

Zhao Ming, CEO of Honor, said the smartphone market in 2023 will see sales of around 260 million units, with some variations but none too significant.

In such a vastly sized market, there is still a considerable amount of space for various brands and manufacturers to adjust their businesses.

"In 2023, Honor will still maintain an aggressive attitude towards advancing products, and we will adhere to a high proportion of research and development investment. This is the correct, positive, and favorable strategy and path for development," Zhao said.

As its latest push to expand market presence, the Honor 90 series boasts of an enhanced camera system, high-quality display and powerful performance. Additionally, the devices come with an impressive battery life, enabling users to stay connected all day.

China's smartphone market sales decreased 11.8 percent year-on-year to 65.4 million units in the first quarter, according to the market research company International Data Corp.