The Budget Smartphone Market is Booming: 5G is Key, Xiaomi Redmi 13C 5G Leads the Charge

The Budget Smartphone Market is Booming: 5G is Key, Xiaomi Redmi 13C 5G Leads the ChargeAccording to the latest data from market research firm Counterpoint Research, global budget smartphone shipments surpassed 100 million units in the second quarter of 2024, marking a 10% year-on-year growth and representing 37% of the global smartphone market. This growth is primarily driven by emerging markets

The Budget Smartphone Market is Booming: 5G is Key, Xiaomi Redmi 13C 5G Leads the Charge

According to the latest data from market research firm Counterpoint Research, global budget smartphone shipments surpassed 100 million units in the second quarter of 2024, marking a 10% year-on-year growth and representing 37% of the global smartphone market. This growth is primarily driven by emerging markets. The report indicates that the budget segment is undergoing consolidation, with original equipment manufacturers (OEMs) focusing on streamlined product portfolios and consumers favoring established brands.

The top 10 best-selling budget smartphones account for a quarter of the sales share, up from 21% in the same period last year. In Q2 2024, the number of active budget smartphone models decreased to slightly over 1,500, almost half of what it was in Q2 2018.

Xiaomi, Samsung, and OPPO dominate the top 10 budget smartphone rankings, each holding three spots, with the remaining one claimed by TECNO. The best-selling budget smartphone was the Xiaomi Redmi 13C 4G, followed by the Samsung Galaxy A05 and A15 4G. These models are widely popular across regions, coupled with their attractive specifications and features, positioning them at the top of the rankings.

The budget smartphone market is witnessing a significant shift towards 5G. By Q2 2024, 5G devices accounted for 24% of the market share, representing a 2.5-fold year-on-year growth. India and China are the primary contributors to this growth, with 5G becoming a standard feature in the budget segment in these markets. As 5G prices become increasingly affordable, the sub-$150 segment is poised for significant growth, and OEMs will leverage 5G as a key differentiator.

Launched in December 2023, Xiaomi Redmi 13C 5G made its debut in the top 10 in Q2 2024, becoming the first 5G budget smartphone to crack the top 10. Other notable performers in the budget 5G category this quarter include Xiaomi Redmi 12 5G and realme 12x. Besides 5G, these smartphones offer competitive specifications such as powerful cameras, larger battery capacities, and fast charging support.

Conclusion

The budget smartphone market is thriving, with 5G emerging as a crucial differentiator. Brands like Xiaomi, Samsung, and OPPO dominate this segment. As 5G prices decline, the budget 5G smartphone market is expected to continue its rapid growth in the coming years.