According to a report by Counterpoint Research, global 5G handset shipments grew 20 per cent year-on-year (YoY) in the first half (H1) of 2024. India overtook USA to become the world’s second-biggest 5G handset market for the first time, behind China.
As per the report, the Caribbean and Latin America (CALA) region was the fastest-growing region, registering 63 per cent YoY growth, driven by high growth in key countries like Mexico and Brazil. The CALA region accounted for 14 per cent of global net adds despite having a 6 per cent 5G shipment share in H1 2024. Asia-Pacific accounted for 63 per cent overall global net adds and commanded a 58 per cent 5G shipment share. 5G handset shipments witnessed double-digit growth in Europe and the Middle East and Africa (MEA) regions.
The report highlighted that Apple led the 5G handset shipments globally, accounting for more than 25 per cent share, driven by strong shipments of the iPhone 15 series and 14 series. Samsung followed in the second position, capturing more than 21 per cent share, driven by the Galaxy A series and S24 series. Apple and Samsung took five spots each in the top ten list for 5G models in H1 2024, with Apple taking the top four spots. Xiaomi took the third spot, with India being its major driver. Xiaomi registered a triple-digit growth rate in India while also registering a double-digit growth rate in the MEA, Europe, and China. For vivo also, India was the major growth driver along with China and emerging Asian economies. Among the top ten brands, Motorola grew the fastest, posting strong growth in the CALA, India, MEA, and North America markets.
Commenting on the report, Prachir Singh, senior analyst, Counterpoint Research, said, “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. India became the second-biggest 5G handset market during H1 2024, overtaking the US. The strong shipments from Xiaomi, vivo, Samsung and other brands in the budget segment were the main reason for this trend. Other emerging markets also witnessed high growth in 5G handsets. Consumers in emerging markets are looking at 5G handsets as an upgrade to their devices, even in the lower price segments.”
Meanwhile, Tarun Pathak, research director, Counterpoint Research, said, “5G handset contribution to the overall handset market was over 54 per cent in H1 2024, crossing 50 per cent 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 premiumisation trend will further fuel this growth. According to our market outlook, 5G share will cross 57 per cent in 2024 and 65 per cent in 2025.”
