India Overtakes US to Become Second-Biggest 5G Handset Market

Global 5G handset shipments grew 20% in the first half of 2024, according to Counterpoint Research. India overtook the US to become the world’s second-biggest 5G handset market for the first time, behind China.

“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 reasons 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,” said Prachir Singh, Senior Analyst at Counterpoint Research.

“The Caribbean and Latin America (CALA) region was the fastest-growing region, registering 63% 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 1H24. 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 5G handset shipments also witnessed double-digit growth,” added Singh.

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 American markets.

“5G handset contribution to the overall handset market was over 54% in 1H24, 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,” said Tarun Pathak, Research Director at Counterpoint Research.