For its part, Oppo is running on full throttle with innovative 5G products, better corporate structure and more focused marketing strategies. Liu Bo, who took over as head of Oppo's China business in April, said all of the company's smartphones unveiled in China this year, including budget handsets, support 5G connectivity.

"We are very determined to embrace the 5G era," Liu said, adding that Oppo will take more steps in product development and marketing resources to outcompete rivals in the Chinese market.

The company is working to attract video lovers with its latest 5G handsets that feature shake-resistant cameras and the ability to shoot videos in dark conditions.

Not to be outdone, Huawei, China's largest smartphone maker, is working hard to sustain its 5G strategy, in spite of the US restrictions that have constrained its supply chains. The company unveiled its 5G-powered Mate 40 series in late October, powered by its in-house chip Kirin 9000 series, which Huawei called "the most sophisticated 5-nanometer" 5G system on chips.

To be sure, Huawei continues to lead the 5G smartphone market in China. In the third quarter of this year, it boasted a market share of 56.6 percent, according to market research company International Data Corp.

Oppo and Vivo trail Huawei with 16.2 percent and 14.5 percent market shares, respectively. They are supported mainly by their under $300 5G products. Xiaomi ranks fourth, followed by Realme, which launched several new 5G models in September in both online and offline channels, IDC said.

Ethan Qi, senior analyst from market research company Counterpoint, said companies' efforts industrywide will likely further boost 5G smartphone sales.

In the third quarter, over 50 percent of smartphones sold in China were 5G-enabled, compared to 33 percent in the second quarter and 16 percent in the first quarter.

Apple's 5G iPhones materialized across channels in the fourth quarter, so, it would be reasonable to expect the share of 5G phones in overall smartphone sales to rise to nearly 70 percent by the end of this year, industry analysts said.

Looking ahead, they forecast 2021 will likely see a further decline in 5G smartphone prices, with all devices priced above 1,000 yuan becoming 5G compatible, while more 5G handset models priced less than 1,000 yuan will be introduced.

Xiang Ligang, director-general of the Information Consumption Alliance, a telecom industry association, said 5G smartphones are no longer rare but more efforts are needed to come up with apps that are unique for the 5G era. 5G can be much more than just faster downloads, he said.

"5G smartphones have the potential to create new value that 4G handsets cannot deliver, and companies need to work more on that. It's not just consumers' desire but also a signal for the companies to make the most of the new-generation wireless technology," Xiang said.