India overtakes the US as the World's Second-Largest 5G Smartphone Market

China continues to dominate the global 5G smartphone market with a 32% share, while India has climbed to second place with 13%, overtaking the US, which now holds a 10% share. A recent report from Counterpoint Research reveals that India has emerged as the world's second-largest market for 5G smartphones, just behind China. The availability of 5G smartphones across various price segments in India has driven this growth.

Prachir Singh, a senior analyst at Counterpoint Research, pointed out that brands such as Samsung, Vivo, and Xiaomi, especially in the budget segment, have played a crucial role in this surge. "India became the second-largest market for 5G smartphones in the first half of the year, overtaking the US. The strong shipments from brands like Xiaomi, Vivo, and Samsung in the affordable segment have been the main drivers of this growth," Singh explained.

China still leads with 32% of the global 5G smartphone market, while India's share has increased to 13%. Meanwhile, the US has slipped to third place with a 10% share. Globally, Apple remains the leader in 5G handset shipments, accounting for over 25% of the market, driven largely by the iPhone 15 and iPhone 14 series. Samsung follows with a 21% market share, thanks to its Galaxy A and S24 series. In the first half of 2024, Apple and Samsung dominated the top ten list of 5G models, with Apple securing the top four positions.

India's growing demand has significantly contributed to Xiaomi's global success, placing it third in the worldwide 5G smartphone market. According to Counterpoint Research, Xiaomi saw triple-digit growth in India and double-digit growth in regions like the Middle East, Africa, Europe, and China. Similarly, India has been pivotal to Vivo's expansion, alongside China and other emerging markets in Asia.

Tarun Pathak, Research Director at Counterpoint Research, noted that in the first half of 2024, 5G-enabled smartphones accounted for over 54% of the total handset market, marking the first time 5G handsets crossed the 50% mark. "As 5G devices become more accessible in lower price segments and 5G network coverage expands, this trend will persist. Additionally, the global shift towards premium devices will further drive this growth. We project that the share of 5G devices will surpass 57% in 2024 and reach 65% by 2025," Pathak added.

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