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The Chinese tech giant Huawei commanded the largest share of the global telecommunications equipment market in 2024, accounting for almost a of the market by revenue. This was despite sanctions restricting the company's ability to operate in the United States and several other major markets amid national security fears. Nokia ranked second, closely followed by its Nordic rival Ericsson.

Huawei faces disruption across business lines

Founded in 1987 in Shenzhen, Huawei has grown to become one of the world’s largest technology companies. In consumer tech, the company has found success in everything from self-driving cars to smartwatches and laptops. Meanwhile, its investments in 5G equipment have cemented its position as a major player in telecommunications infrastructure. Western restrictions have impacted both sectors. The U.S. and other Western countries have introduced rules to ban or limit the use of Huawei in 5G networks, severely curtailing its infrastructure business in those markets. Meanwhile, a ban on the export of U.S. semiconductors to Huawei has disrupted its ability to manufacture consumer hardware in China, prompting major investment in domestic chipmaking efforts.

Nokia and Ericsson battle for U.S. contracts

Huawei’s reduced presence in the U.S. has opened the door for rival suppliers to expand their operations. Nokia and Ericsson are among those seeking to benefit and are locked in fierce competition as they vie for major contracts with U.S. mobile network operators. Once known for their consumer hardware, both firms are now squarely focused on network infrastructure. This shift is backed by significant research and development budgets, with both companies ranking among the biggest spenders in technology hardware worldwide.