India overtook the US to become the worlds second-biggest 5G handset market for the first time, behind China, a recent research said.
Global 5G handset shipments grew 20% YoY in the first half of 2024, according to the latest research from Counterpoints Market Monitor service.
Commenting on overall market dynamics, Senior Analyst Prachir Singh said, 5G handset shipments have been growing steadily and with the increased availability of 5G handsets in the budget segment, the emerging markets have witnessed high growth in this segment. 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. Other emerging markets also witnessed high growth in 5G handsets. Consumers in emerging markets are looking at 5G handsets as an upgrade to their devices, even in the lower price segments.
The Caribbean and Latin America (CALA) region was the fastest-growing region, registering 63% YoY growth, driven by high growth in key countries like Mexico and Brazil. The CALA region accounted for 14% of global net adds despite having a 6% 5G shipment share in H1 2024. Asia-Pacific accounted for 63% of the overall global net adds and commanded a 58% 5G shipment share. In Europe and the Middle East and Africa (MEA) regions also, 5G handset shipments witnessed double-digit growth.
Apple led the 5G handset shipments globally, accounting for more than 25% share, driven by strong shipments of the iPhone 15 series and 14 series.
Samsung followed in the second position, capturing more than 21% share, driven by the Galaxy A series and S24 series.
Apple and Samsung took five spots each in the top-10 list for 5G models in the first half of 2024, with Apple taking the top four spots.
Xiaomi took the third spot, with India being its major driver. Xiaomi registered a triple-digit growth rate in India while also registering a double-digit growth rate in the MEA, Europe and China.
For vivo also, India was the major growth driver along with China and emerging Asian economies.
Among the top 10 brands, Motorola grew the fastest, posting strong growth in the CALA, India, MEA and North America markets.
Commenting on the near-term outlook for 5G shipments, Research Director Tarun Pathak said, 5G handset contribution to the overall handset market was over 54% in H1 2024, crossing 50% for the first time. As the democratization 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. The ongoing global premiumization trend will further fuel this growth. According to our market outlook, 5G share will cross 57% in 2024 and 65% in 2025.
