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India now the second-biggest 5G handset market worldwide
The country overtakes the US in 5G shipments for the first time with 13% of shipment share globally
India has surpassed the United States to become the world's second-largest 5G handset market next to China, as global 5G handset shipments increased by 20% year-on-year (YoY) in the first half of 2024.
In the latest report of Counterpoint Technology Market Research, 5G handset shipments have been rising steadily with significant growth in emerging markets due to the increasing availability of budget-friendly 5G devices.
“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 reason for this trend,” said Senior Analyst Prachir Singh.
According to Singh, other emerging markets also witnessed high growth in 5G handset adoption as consumers increasingly view 5G as a device upgrade, even in the lower price segments.
Amongst the regions, the Asia-Pacific continues to dominate the global 5G landscape, accounting for 63% of the overall global net adds and commanding a 58% 5G shipment share.
Meanwhile, the Caribbean and Latin America (CALA) region emerged as the fastest-growing market for 5G handsets in the first half of 2024, registering 63% YoY growth, driven by high growth in key countries like Mexico and Brazil. In Europe and the Middle East and Africa (MEA) regions, 5G handset shipments also witnessed double-digit growth.
Based on brands, Apple and Samsung led the 5G handset shipments globally, taking the first and second spots, respectively. Xiaomi took the third spot, with India being its major driver, after registering a triple-digit growth rate in the country.
Research Director Tarun Pathak said 5G handset contribution to the overall handset market was over 54% in 1H 2024, crossing 50% for the first time.
“As the democratisation of 5G handsets increases with increasing 5G penetration in lower price segments as well as increasing expansion of 5G networks, this trend will further grow.”
Pathak added that the ongoing global premiumisation trend will further fuel this growth, with 5G share expected to cross 57% in 2024 and 65% in 2025 based on their market outlook.
