5G smartphone penetration is expected to reach 72% in 2024

A series of recent research reports released by TechInsights' Emerging Device Technologies (EDT) service pointed out that 5G smartphone penetration is expected to grow to 72% in 2024. After a difficult first half of 2023, the 5G smartphone market is expected to resume double-digit growth by the end of this year and in 2024.

Global penetration of 5G millimeter wave (mmWave) smartphones is expected to grow to 8% by 2024. TechInsights expects that the United States and Japan will remain the main advocates of mmWave in smartphone use, and we will not see mmWave penetration into other regions soon. Apple and Samsung are the largest mmWave smartphone vendors due to their share of the US market.

In Q1 2023, Apple led the 5G smartphone market with a (wholesale) revenue share of 58%, with Samsung, OPPO, Xiaomi, vivo and Honor ranking 2-6; in terms of 5G smartphone (wholesale) average selling price (ASP), Apple, Asus and Sony ranked in the top three in the quarter.

Source: TechInsights