Total mobile service revenue in China to hit $165bn by the end of 2024, reveals GlobalData
Data and analytics company GlobalData said that the increase in the demand for mobile Internet connectivity and growing unique subscriber base will drive the total mobile service revenue in China from $153 billion (£118.4bn) in 2019 to $165bn (£127.7bn) by the end of 2024.
Total mobile subscribers in China are expected to grow at compound annual growth rate (CAGR) of 2.6% between 2019 and 2024, revealed GlobalData's Asia-Pacific Mobile Broadband Forecast Pack.
Mobile data revenue is expected to grow at a CAGR of 5.0% during the outlook period, owing to growing smartphone subscriptions and increasing data consumption.
By the end of 2018, 4G subscriptions accounted for more than three quarters (75.7%) of total mobile subscriptions, due to the widespread coverage of long term evolution (LTE) network. Some mobile network operators (MNOs) have already started the 5G trials in 2019 and plan to launch commercial 5G services in 2020.
5G is expected to hold 31.9% of the total subscription share by the end of 2024. However, to sustain intense market competition, operators are focusing on 4G investment and as a result LTE is expected to dominate the Chinese telecom industry with 47.9% subscription share by the end of 2024.
State-owned telecoms operators in China switched on their 5G networks for the first time at the end of last month as Beijing aims to catch up with the US. China Unicom, China Mobile, and China Telecom launched 5G services with prices starting from £14.08/month. Beijing initially planned to launch 5G services in early 2020 but have accelerated their plans amid increased trade tensions with the US.
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