Almost all the big companies in the world want to connect with India. So that it can do business. Many have also been successful. The main reason behind this is demand. Because India is a developing country and the increasing population here is leading to an ever-increasing demand. For this reason, in the first half of 2024, India has achieved a great feat by leaving the US behind in the 5G smartphone market.
What does the report say?
According to a report by Counterpoint Research, India has emerged as the world’s second-largest 5G smartphone market after China due to affordable smartphones from brands like Xiaomi, Vivo, and Samsung. Globally, 5G smartphone sales saw a 20% growth with Apple taking the lead with over 25% market share, led by the iPhone 15 and iPhone 14 series. Samsung took the second spot with over 21% share and Xiaomi took the third spot.
According to an ET report, India has contributed significantly to this growth. Xiaomi registered triple-digit growth in India, while it witnessed double-digit growth in the Middle East, Africa, Europe, and China. Vivo also made good strides in India, China, and other Asian markets. Motorola has emerged as the fastest-growing brand among the top 10 with its impressive performance, especially in the Caribbean, Latin America, India, Middle East, and Africa regions.
read this too
5G smartphone sales continue to accelerate
According to Prachir Singh, senior analyst at Counterpoint Research, 5G smartphone sales are continuously increasing and more affordable 5G phones are coming into the market, so people in emerging markets are buying 5G devices at lower prices.
The fastest growing region was the Caribbean and Latin America (CALA), with an annual increase of 63%. Countries such as Mexico and Brazil made important contributions to this. CALA contributed 14% of global 5G smartphone purchases and 6% of total 5G shipments. At the same time, the Asia-Pacific region maintained the top position with 63% of global 5G smartphone purchases and 58% of total 5G shipments.
The Minister of Finance has also mentioned
According to the Economic Survey 2023-24 tabled in Parliament by Finance Minister Nirmala Sitharaman, American smartphone giant Apple assembled 14% of the iPhones manufactured globally in India in FY 2023-24. With this, India has gained four spots in global electronics exports. Mobile phones are the fastest growing segment in this sector. India’s smartphone exports to the US increased from $2.2 billion in FY 2022-23 to $5.7 billion in FY 2023-24.
