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.

See Also: Ola Electric Shares Slump Back In Red As Anchor Lock-In Ends

The surge in India’s 5G smartphone market is likely due to robust sales numbers from brands such as Samsung, Vivo and Xiaomi, 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