[Taipei, August 31] In light of the subdued demand within the intelligent mobile device market, the overall global shipment volume of 5G smartphones has been affected as well. Consequently, MIC (Market Intelligence & Consulting Institute) has revised down its earlier forecasts for 5G smartphone shipments in 2023, with the adjusted projection now standing at 647 million units, translating to a penetration rate of 58%, according to MIC. Looking ahead to the year 2024, MIC predicts a rebound in the 5G smartphone market, with an estimated shipment volume of approximately 713 million units and a penetration rate of 62.1%.

Global 5G Smartphone Shipment Volume Forecast, 2023-2027

Source: MIC, August 2023

"Notably, in the Indian market, significant progress has been observed in the realm of 5G smartphone shipments. Leading telecom operators such as Reliance Jio and Bharti Airtel are actively investing in the establishment of 5G networks. Collaborative efforts with prominent smartphone brands like Samsung, Oppo, and Vivo have also contributed to driving the adoption of 5G technology within the region. This push has resulted in substantial growth in 5G smartphone shipments, particularly in the mid-range and value-line segments," said Rachel Liao, a senior industry analyst at MIC.

Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.

To know more about this topic, please visit: Global and Taiwan 5G Smartphone Shipment Five-Year Forecast: 2023-2027 (pre-order), Development of the Taiwan Information and Communications Technology Industry, 2023 and Beyond,  Worldwide Smartphone Forecast, 2023 - 2027 (May 2023 Update)              

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