In 2024, the market for foldable smartphones will experience significant growth.

The global market for foldable smartphones will undergo significant changes in the second half of 2023 and throughout 2024.

According to the latest report from Counterpoint Research, the global market for foldable smartphones has witnessed a 10% increase compared to the same period last year in the second quarter of 2023, reaching 2.1 million units. This growth stands in stark contrast to the overall global smartphone market, which experienced a 9% decline in shipments during the quarter, totaling 268 million units. Due to the ongoing Russia-Ukraine conflict and high global inflation, the overall smartphone market is expected to exhibit stagnant growth. However, the foldable smartphone segment continues to demonstrate strong and sustainable growth.

The context of foldable smartphones in the Chinese market presents a particularly attractive scenario. In the second quarter of 2023, overall smartphone sales in China declined by 4% compared to the same period last year, reaching 61.9 million units, due to recent economic challenges faced by the country, leading to reduced consumer spending. However, the foldable smartphone market in China achieved notable success, with a 64% increase compared to the same period last year, reaching 1.2 million units. China currently holds the largest market share in the global foldable smartphone market, accounting for 58.6% of the market.

The rapid growth of the foldable smartphone market in China is primarily attributed to the introduction of foldable devices tailored to the Chinese market, coupled with strong consumer demand for such products. This surge is driven by the launch of key products such as the Huawei Mate X3, vivo X Fold 2, and vivo X Flip, primarily targeting the foldable smartphone market in China.

High-level analyst Jene Park from Counterpoint Research stated, “We believe that the frequent launch of foldable smartphones is changing the perception of Chinese consumers towards foldable products. As a result, Chinese consumers have easier and more frequent access to various foldable devices compared to any other market in the world. The continuous release of multiple foldable products is considered one of the key reasons why the foldable market in China continues to grow significantly compared to other markets.”

The global market for foldable smartphones will experience significant changes in the second half of 2023. Chinese manufacturers are expanding their international presence during this period, with notable releases including the Honor Magic V2, Oppo Find N3 Flip, and the unnamed OnePlus foldable device. Notably, Samsung’s Galaxy Z Fold 5 and Galaxy Z Flip 5, considered as some of the leading foldable products, were launched in August and are expected to gain significant market share in the second half of 2023.

Jene Park further added, “The global market for foldable smartphones is expected to witness significant growth in the second half of 2023, driven by the expansion of Chinese manufacturers. While Samsung’s market share may decrease due to increased competition, we believe it will be a natural outcome. However, competition among manufacturers typically expands the market scale for the products. We anticipate that the era of mass-market foldable smartphones will begin in 2024, primarily led by Samsung and Huawei with their entry-level foldable devices. These entry-level foldable products are expected to have a price range of around $600 – $700, making them more accessible to consumers.”

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