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

India beats US, is now the world's second-largest market for 5G smartphones; here's what driving the growth - Times of India

India has overtaken the United States to become the world's second-largest market for 5G smartphones, according to a new report from Counterpoint Research. China maintains its position as the top market globally. The report reveals that global 5G handset shipments grew 20% year-over-year in the first half of 2024, with 5G devices now accounting for over 50% of all smartphone shipments for the first time.India experienced the fastest growth among major markets, with 5G shipments surging 60% compared to the first half of 2023. Strong shipments of budget 5G handsets driving the growth"Strong shipments from Xiaomi, vivo, and other brands in the budget segment were the main reason for this trend," added Prachir Singh, Senior Analyst at Counterpoint. He noted that consumers in emerging markets are increasingly viewing 5G handsets as an upgrade option, even in lower price segments. China captured 32% of global 5G smartphone shipments, followed by India and the US at 13% each. The Caribbean and Latin America region saw the highest growth rate at 63% year-over-year. Apple led 5G handset shipments globally with over 25% market share, driven by strong sales of iPhone 15 and 14 series devices. Commenting on the near-term outlook for 5G shipments, Research Director Tarun Pathak said, "5G handset contribution to the overall handset market was over 54% in H1 2024, crossing 50% for the first time. As the democratisation 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." The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

India Overtakes US As Second-Largest Global 5G Smartphone Market - Samsung Electronics Co (OTC:SSNLF), Xiaomi (OTC:XIACF)

This story was originally published on the Benzinga India portal. India has leapfrogged the United States to become the second-largest 5G smartphone market worldwide, as per a recent report by Counterpoint Research. What Happened: The report reveals that India now commands a 13% share of the global 5G smartphone market, only behind China, which holds a 32% share. The US has now dropped to the third spot with a 10% market share. Do you want to keep up with all the latest stock market updates in India? sign up for the Benzinga India weekly newsletter. The surge in India's 5G smartphone market is likely due to robust sales numbers from brands such as Samsung SSNLF, Vivo and Xiaomi XIACF, especially in the budget segment. "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," said Prachir Singh, senior analyst at Counterpoint Research. Among brands, Apple emerged as the leader in global 5G handset shipments with over 25% share, trailed by Samsung with a 21% share. Xiaomi clinched the third spot, registering a triple-digit growth rate in India. Tarun Pathak, research director at Counterpoint Research said that "5G handset contribution to the overall handset market was over 54% in H1 2024, crossing 50% for the first time." This indicates a growing acceptance and adoption of 5G technology, especially in emerging markets like India. Read Next: Adani Shares Flat After Early Closure Of NCD Issue, Firm Receives Approval For $10B Semiconductor Unit Disclaimer: Artificial intelligence was used as a secondary aid in the writing of this story. Market News and Data brought to you by Benzinga APIs