最大的電信供應商（2024 年第四季）：供應商市場年增 2.2%，結束了連續九個季度的下滑，因為廣泛的復甦抵消了華為的下滑

本報告追蹤了 137 家通訊網路基礎設施供應商，並提供了 2013 年第一季至 2024 年第一季的營收和市佔率估算。在這 137 家供應商中，有 111 家正在積極向營運商銷售產品，還有許多其他供應商已被資料庫中的其他公司收購。例如，ADVA 現在是 Adtran 的一部分，但根據過去的銷售業績，兩家公司仍保留在資料庫中。

視覺

主要亮點：

營收： 預計通訊網路基礎設施供應商 2024 年第四季的營收為 576 億美元，2024 年全年的營收為 2,069 億美元。與去年同期相比，分別成長 2.2% 和下降 3.0%。 2024年上半年領先市場的華為在最近一個季度略有放緩，而整體市場則出現復甦跡象。以年率計算，2024年第四季整體市場年減3.0%。不過，不包括華為，萎縮率為3.7%，相較之下略有改善。

頂級供應商：前三名的電信網路基礎設施供應商是常見的：華為、愛立信和諾基亞。以 2024 年第四季的年化計算，這三家公司佔據了整個市場的 36.7%，僅在第四季度就佔據了 39.9% 的佔有率。中國通訊服務與中興通訊自2019年初以來一直在爭奪第四和第五的位置。

以年收入成長排名的領先供應商：2024 年第四季同比成長率和年化率最高的兩家公司是：Tejas Networks 和 Dixon Technologies。 Tejas 得益於 BSNL 在印度大規模推出 4G 服務而實現了成長。與此同時，迪克森擺脫了前一年的糟糕表現，迅速成長。 Dixon 的一個重要里程碑是其將於 2024 年第二季與諾基亞建立合作夥伴關係，共同開發和製造固定無線存取設備和路由器等通訊設備。

支出前景：根據最新的官方預測，作為電信網路基礎設施市場的主要驅動力，營運商資本支出預計將從 2023 年的 3140 億美元下降到 2024 年的略低於 3000 億美元。預計未來幾年資本支出將幾乎沒有成長，到 2028 年可能會降至 2,800 億美元左右。各國市場的前景各不相同。 注意本報告是在川普總統於 2025 年 4 月初宣佈徵收關稅之前準備的。股市已經暴跌，許多經濟學家預測，這場不必要且適得其反的貿易戰將導致經濟衰退或更糟的情況。如果有必要，我們計劃在未來更新我們的預測。

公司涵蓋範圍：從 2024 年第 4 季版開始，已將三家新供應商新增至覆蓋範圍。這三家公司均位於印度：Cyient、Dixon Technologies 和 HFCL。

調查主題

公司列表

目錄

第1章報告要點

第 2 章摘要：調查結果說明

第3章：通訊網路基礎設施市場：最新研究成果

第 4 章：前 25 名的供應商：可列印的樣頁

第 5 章圖表：各個供應商概況

第6章 圖表：五家供應商的比較

第7章：供應商研發支出

第 8 章原始資料：各公司營收預測

第9章 研究方法與假設

第 10 章 關於 MTN 諮詢

The goal of this report series is to equip telecom industry decision-makers with a comprehensive view of spending trends and vendor market power in their industry. To do this we assess technology vendors' revenues in the telecom vertical, across a wide range of company types and technology segments. We call this market "telco network infrastructure", or "Telco NI." This study tracks 137 Telco NI vendors, providing revenue and market share estimates for the 1Q13-4Q24 period. Of these 137 vendors, 111 are actively selling to telcos; most others have been acquired by other companies in the database. For instance, ADVA is now part of Adtran, but both companies remain in the database because of historic sales.

VISUALS

Below are the key highlights of the report:

Revenues: Telco NI vendor revenues were $57.6B in 4Q24 and $206.9B for the 2024 year overall, up 2.2% and down 3.0% on a YoY basis, respectively. Huawei, which lifted the market in the first half of 2024, slipped slightly in the latest quarter while the broader market rebounded. The total market contracted 3.0% YoY in the annualized 4Q24, a modest improvement compared to a 3.7% decline excluding Huawei.

Top vendors: The top three Telco NI vendors remain the usual trio: Huawei, Ericsson, and Nokia. They account for 36.7% of the total market in annualized 4Q24, or 39.9% in 4Q24 alone. China Comservice and ZTE have been jostling for the 4th and 5th positions since early 2019.

Key vendors by YoY revenue growth: The top two vendors, in terms of YoY revenue growth, are common to both single quarter and annualized 4Q24: Tejas Networks and Dixon Technologies. Their growth drivers were distinct: Tejas benefited from BSNL's large-scale 4G rollout in India, while Dixon surged from a low year-ago base. A key milestone for Dixon was its 2Q24 partnership with Nokia to jointly develop and manufacture telecom equipment, including fixed wireless access points and routers.

Spending outlook: Per our latest official forecast, we expect telco capex - the main driver of the Telco NI market - to dip from $314B in 2023 to just below $300B in 2024. Capex will struggle to see any growth over the next few years, likely ending 2028 at ~$280B. The outlook for specific country markets varies. Note that this report was prepared before Trump's early April tariff announcements. Stock markets have already plummeted, and most economists now expect a recession or worse to result from this unnecessary and counterproductive trade war. We will update our forecast outlook if warranted.

Company coverage: starting with this 4Q24 edition, we have added three additional vendors to our coverage universe. They are all based in India: Cyient, Dixon Technologies, and HFCL.

Research Coverage

List of companies:

Table of Contents

1. Report Highlights

2. SUMMARY - Results commentary

3. Telco NI Market - Latest Results

4. TOP 25 VENDORS - Printable tearsheets

5. CHARTS - Single vendor snapshot

6. CHARTS - 5 vendor comparisons

7. R&D spending by vendors

8. RAW DATA - revenue estimates by company

9. Methodology & Assumptions

10. ABOUT - MTN Consulting

List of Figures: (Partial)

• Annualized Telco NI vendor revenues ($B) vs. YoY growth in annualized sales
• YoY growth in annualized Telco NI market, with and without Huawei figures
• All vendors, YoY growth in single quarter sales
• Telco NI vendor revenues by company type, TTM basis (US$B)
• Telco NI revenues by company type: YoY % change
• Telco NI revenue split: Services vs. HW/SW
• Telco NI sales of top 10 vendors vs. all others, 4Q24 TTM (annualized)
• Top 25 vendors based on annualized Telco NI revenues through 4Q24 ($B)
• Top 25 vendors based on Telco NI revenues in 4Q24 ($B)
• Key vendors' annualized share of Telco NI market
• Telco NI market share changes, 4Q24 TTM vs. 4Q23 TTM
• Telco NI annualized revenue changes, 4Q24 vs. 4Q23
• YoY growth in Telco NI revenues (4Q24)
• Top 25 vendors in Telco NI Hardware/Software: Annualized 4Q24 Revenues (US$B)
• Top 25 vendors in Telco NI Services: Annualized 4Q24 Revenues (US$B)
• R&D spending as a percent of revenues for key telco-focused vendors (4Q22-4Q24)