Foldable Smartphone Market To Surge 73% This Year: Report
We all know that tech giant, Samsung launched its latest Galaxy Z Fold 4 and Galaxy Z Flip 4 foldable smartphones earlier this month. After Samsung, Xiaomi came forward and unveiled its Mix Fold 2 foldable smartphone. Then, Motorola joined the race and lifted the wraps off its Moto Razr flip phone 2022. Recently, a report from Counterpoint Research said that the foldable smartphone market may grow 75 percent this year.
Foldable Smartphones Are The Future Of the Mobile Industry
According to the latest reports, the foldable smartphones segment is set to have 16 million shipments this year, growing 75 percent from the previous year’s 9 million shipments. The report further revealed that during the first half, Samsung led the foldable category with its Galaxy Z Fold smartphone, followed by Huawei and Oppo in the global markets. Samsung will as usual dominate the market as it has gained a 62 percent market share in the segment. Moreover, it is expected to jump to 80 percent this year, with the new Galaxy Z Fold 4 and Flip 4 phones now available in the markets globally.
A Senior Analyst from Counterpoint Research stated that:
“Foldables not only bring a fresh design to smartphones – traditionally ruled by bar-type form factors – but also more screen real estate. This is growing in importance with smartphone use cases expanding, especially across media, entertainment and work”
One of the biggest reasons behind Samsung’s dominance in the foldable segment is the lack of healthy competition. It is quite obvious that Samsung Galaxy Z Fold 4 and Galaxy Z Flip 4 are the only smartphones that are sold in global markets. Other mobile manufacturers like Vivo, Xiaomi, Oppo, Huawei, and more have foldable smartphones that are mostly limited to the Chinese markets only. So, Samsung is expected to dominate this year as well with the largest percentage share in the foldable segment as well.
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