The 5G Smartphone Market Booms: India Emerges as the Second Largest Market Globally

The 5G Smartphone Market Booms: India Emerges as the Second Largest Market GloballyA recent report by Counterpoint reveals that global 5G smartphone shipments surged by 20% year-on-year in the first half of 2024. India, fueled by rapid growth, overtook the US to become the world's second-largest 5G smartphone market, trailing only China

The 5G Smartphone Market Booms: India Emerges as the Second Largest Market Globally

A recent report by Counterpoint reveals that global 5G smartphone shipments surged by 20% year-on-year in the first half of 2024. India, fueled by rapid growth, overtook the US to become the world's second-largest 5G smartphone market, trailing only China. This growth trajectory is attributed to the penetration of 5G technology into lower price segments, which also led 5G smartphones to surpass 50% of total shipments for the first time.

Among the top five countries globally, India witnessed the most rapid growth in its 5G smartphone market. The report highlights that the average selling price of 5G smartphones worldwide has dropped by over 30% since the introduction of 5G technology, as of the first half of 2024. Counterpoint analyst Prachir Singh stated, "5G smartphone shipments have been steadily growing, especially in the more affordable markets, with emerging markets witnessing high growth in this space. India has overtaken the US to become the second-largest 5G smartphone market in the first half of this year. Strong shipments of budget segment models from brands like Xiaomi, Vivo, Samsung, and others, are the primary driver of this trend."

India's burgeoning 5G smartphone market is fueled by its vast population base and its steadily increasing mobile internet user base. Moreover, the Indian government's active promotion of 5G network infrastructure has created a conducive environment for the widespread adoption of 5G smartphones. As 5G technology continues to evolve and expand its applications, India is poised to become a significant growth engine for the global 5G smartphone market.

Data indicates that global 5G smartphone shipments increased by 20% year-on-year in the first half of 2024, proving the rapid adoption of 5G technology. With ongoing 5G network development and improvement, coupled with the continuous decline in 5G smartphone prices, the global 5G smartphone market is projected to maintain its robust growth in the coming years.