The global market for foldable smartphones is poised for significant growth in 2024, driven by the introduction of more affordable entry-level products. This marks the emergence of mass adoption of foldable phones, with Samsung and Huawei at the forefront, according to a recent report by Counterpoint Research.
The latter half of this year is witnessing intensified competition in the global foldable product market, fueled by the entry of Chinese companies like OPPO and Honor. This heightened competition, while potentially causing Samsung's market share to dip, is expected to expand the overall foldable phone market.
The mass adoption of foldable smartphones is predicted to begin in 2024, largely led by Samsung and Huawei with their entry-level foldable devices. These entry-level foldables are expected to be priced in the range of $600 to $700, making them more accessible to a broader consumer base.
In the second quarter of this year, the global foldable smartphone market experienced a significant 10% year-on-year growth, totalling 2.1 million units. This growth stands in stark contrast to the global smartphone market, which saw a 9% decline in shipments during the same quarter, with a total of 268 million units. This decline is attributed to factors like the prolonged Russia-Ukraine conflict and ongoing high global inflation.
Nevertheless, the foldable smartphone sector continues to exhibit robust and sustained growth, even in the face of challenging market conditions. In Q2, the Chinese foldable smartphone market achieved remarkable success, surging 64% year-on-year to reach 1.2 million units. China now holds the largest share of the global foldable smartphone market, accounting for 58.6% of the market.
Chinese manufacturers are actively expanding their international presence during this period, introducing notable foldable devices such as the HONOR Magic V2, OPPO Find N3 Flip and an unnamed OnePlus foldable device.
Notably, Samsung's Galaxy Z Fold 5 and Galaxy Z Flip 5, recognized as top-tier foldable offerings, were launched in August and are expected to capture a substantial share of the market in the latter half of 2023, further driving the growth of the foldable smartphone market.
This anticipated surge in the adoption of foldable smartphones is indicative of a shifting trend in consumer preferences toward more versatile and innovative mobile devices. As foldable technology becomes more accessible and affordable, it is likely to reshape the smartphone landscape in the coming years.
Inputs from IANS