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India has emerged as the second-largest market for 5G smartphones globally, overtaking the United States, according to a new report from Counterpoint Research.
This rapid growth is fueled by strong shipments in the budget segment from brands like Xiaomi, Vivo, and Samsung, positioning India just behind China in the global rankings.
India’s 5G Smartphone Market Booms
Prachir Singh, senior analyst at Counterpoint Research, noted the significant role budget smartphones have played in 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.
China continues to lead the global 5G market with a 32% share, while India accounts for 13%. Meanwhile, the US has dropped to third place, holding a 10% share of the market.
Global Leaders in 5G Handset Shipments
On the global stage, Apple dominates 5G handset shipments, securing over 25% of the market, largely driven by the popularity of the iPhone 14 and iPhone 15 series. Samsung follows with a 21% market share, bolstered by its Galaxy A and S24 series.
In the first half of 2024, Apple held the top four spots in the list of best-selling 5G smartphones, with both Apple and Samsung occupying five positions each in the top ten.
India Fuels Growth for Xiaomi and Vivo
India has been a major driver of growth for Xiaomi, pushing the brand to secure the third position in the global market. Xiaomi experienced triple-digit growth in India and saw double-digit gains in markets like the Middle East, Africa, Europe, and China. Vivo also benefited from the Indian market, with additional support from its presence in China and other emerging Asian regions.
Future of 5G in India and Globally
Tarun Pathak, research director at Counterpoint Research, highlighted that 5G-enabled devices accounted for more than 54% of the total smartphone market in the first half of 2024, marking the first time 5G phones crossed the 50% threshold.
“As the democratisation 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,” Pathak said. “The ongoing global premiumisation trend will further fuel this growth. According to our market outlook, the 5G share will cross 57% in 2024 and 65% in 2025.”
