India's 5G phone market would grow by more than 70% by the end of 2023: Report

India's 5G phone market would grow by more than 70% by the end of 2023: Report

According to a survey released on Tuesday, the market for 5G smartphones in India is anticipated to grow by more than 70% (year over year) by the end of CY2023.

The number of 5G smartphone shipments in India increased more than 13 times from the year of the technology’s initial debut, which was 2020.

“5G smartphones have clearly come a long way from a paltry 4% in CY2020 to a potential more than 45% market share in CY2023,” stated Menka Kumari, Analyst-Industry Intelligence Group (IIG), CyberMedia Research (CMR).

Nearly 100 5G smartphones were introduced in the India market in CY2022.

“In 2023, we anticipate close to 75 per cent of the new smartphones to be introduced in the India market to be 5G-capable,” she added.

In CY2022, Samsung, OnePlus, and Vivo shipped the most 5G smartphones in India.

Xiaomi and realme were the top producers in the pricing range for 5G Value for Money (Rs 10,000–Rs 25,000).

“Going forward, we anticipate further momentum for 5G smartphone shipments in the new year driven by strong consumer demand and aggressive 5G network deployment by Indian telcos,” said Shipra Sinha, Analyst-Industry Intelligence Group (IIG), CMR.

The release of 5G handsets in the area of low-cost smartphones is essential for widespread 5G adoption in India (less than Rs 10,000).

“Alongside, better 5G availability and accessibility will be key for consumer experience,” Sinha added.

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