Huawei is trying to produce a 5G phone that should cost around $150 between the end of 2020 and the early part of 2021. For now the least costly 5G phone costs about $290 while other 5G phones cost around $430 or higher.
A cheaper 5G phone will enable and give a lot more people the option to experience the technology if they want to and not just restrict it to a certain class of individuals.
Before now, 5G connectivity was exclusively a flagship phone feature but with the MediaTek 1000L and Qualcomm Snapdradon 765G chipsets which were recently unveiled with optional 5G modem integration should allow 5G connectivity on a couple of midrangers.
The 5G adoption will be led by Huawei and Samsung for now, till Apple joins the 5G market.