According to a new report from Counterpoint Research, India has emerged as the world’s second-largest market for 5G smartphones, trailing only behind China. 5G smartphones are becoming increasingly prominent across various price ranges in India.
Prachir Singh, a senior analyst at Counterpoint Research, highlighted that significant contributions from brands like Samsung, Vivo, and Xiaomi, especially in the budget segment, have been key to this growth.
“India became the second-biggest 5G handset market during the first half, overtaking the US. The strong shipments from Xiaomi, Vivo, Samsung, and other brands in the budget segment were the main reasons for this trend,” Singh said.
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China maintains the leading position with a 32 per cent share of the global 5G smartphone market, while India holds 13 per cent. The US has fallen to third place with a 10 per cent market share.
Globally, Apple leads in 5G handset shipments with over 25 per cent of the market, predominantly driven by the iPhone 15 and iPhone 14 series. Samsung follows with over 21 per cent market share, thanks to its Galaxy A and S24 series. In the first half of 2024, Apple and Samsung each claimed five positions in the top ten list of 5G models, with Apple occupying the top four spots.
India has significantly boosted Xiaomi’s growth, helping it secure the third position globally. According to Counterpoint Research, Xiaomi experienced a triple-digit growth rate in India and double-digit growth in the Middle East, Africa, Europe, and China.
Similarly, India has been a crucial growth engine for Vivo, along with China and other emerging Asian markets.
Tarun Pathak, research director at Counterpoint Research, stated that in the first half of 2024, 5G-enabled devices made up more than 54 per cent of the total handset market, surpassing the 50 per cent threshold for the first time.
“As the democratization of 5G handsets increases with greater 5G penetration in lower price segments and the expanding reach of 5G networks, this trend will continue to grow. The ongoing global premiumization trend will further fuel this growth. According to our market outlook, the 5G share will cross 57 per cent in 2024 and 65 per cent in 2025,” he said.
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Source: Business Standard
