JNS: India has overtaken the United States to become the world’s second-largest market for 5G handsets, according to new research from Counterpoint’s Market Monitor service. The country now trails only China in 5G handset shipments.
Global shipments of 5G handsets surged by 20% year-over-year in the first half of 2024, reflecting significant growth in emerging markets, which have seen an increase in budget-friendly 5G devices.
Prachir Singh, Senior Analyst at Counterpoint, attributed India’s rise to its strong performance in the budget segment, led by brands such as Xiaomi, vivo, and Samsung. Singh noted, “The expansion of 5G handsets into lower price segments has driven substantial growth in emerging markets, with India now ranking second globally.”
The Caribbean and Latin America (CALA) region emerged as the fastest-growing area, boasting a 63% increase in 5G shipments year-over-year, with notable contributions from Mexico and Brazil.
The CALA region, despite having only a 6% share of global 5G shipments, accounted for 14% of net global additions in the first half of 2024. The Asia-Pacific region dominated with 63% of global net additions and a 58% share of 5G shipments. Europe, the Middle East, and Africa (MEA) also experienced double-digit growth in 5G handset shipments.
In terms of market share, Apple led globally with over 25% of 5G handset shipments, driven by the strong performance of the iPhone 15 and 14 series. Samsung followed with over 21% of the market share, buoyed by the Galaxy A and S24 series. Apple and Samsung each secured five positions in the top-10 list of 5G models for the first half of 2024, with Apple claiming the top four spots.
Xiaomi ranked third, with India being a key driver of its growth, showing a triple-digit increase in the Indian market. The brand also posted double-digit growth rates in the MEA, Europe, and China. Vivo, similarly, saw significant growth in India alongside China and other emerging Asian economies.
Motorola emerged as the fastest-growing brand among the top 10, showing strong growth across CALA, India, MEA, and North America.
Looking ahead, Tarun Pathak, Research Director at Counterpoint, predicts continued growth in the 5G market. “5G handsets contributed over 54% of the overall handset market in the first half of 2024, surpassing 50% for the first time.
As 5G devices become more accessible and 5G networks expand, we expect this trend to continue, with 5G market share projected to exceed 57% in 2024 and 65% in 2025,” Pathak said.
