5G smartphones are expected to capture a potential market share of 45% in fiscal 2023, up from just 4% in fiscal 2020. The research firm said after around 100 5G smartphones were launched in 2022, nearly 75 will be reached % of new smartphones coming out this year support 5G.
The 5G smartphone market was led by Samsung, OnePlus and Vivo in 2022. However, in the Rs 10,000-20,000 segment, Xiaomi and Realme were the top brands contributing to the 5G shipments, the report said.
“As consumers look to switch and upgrade their phones, the propensity for 5G smartphones is bound to increase. Looking ahead, we expect further momentum for 5G smartphone shipments in the new year, driven by strong consumer demand and aggressive 5G network rollouts by Indian telecom companies,” said Shipra Sinha, analyst, Industry Intelligence Group (IIG), Cybermedia Research ( CMR).
Sales growth of 5G smartphones will depend on their availability in the value for money segment, as well as the availability and accessibility of 5G networks across the country, the report said.