Foldable Smartphone Shipments to Exceed 30 Million in 2024: Canalys

According to the latest report revealed by Canalys, foldable smartphone shipments are going to increase by 30 million in 2024 worldwide. The segment is forecast to grow by a CAGR of 122% between 2019, the year the first foldable products launched, and 2024. Driven by Samsung, foldable smartphone shipments reached 8.9 million in 2021. The foldable segment grew 148% year on year despite high price tags, while the overall smartphone market only grew 7%.

Foldable Smartphone Shipments to Exceed 30 Million in 2024: Canalys

Toby Zhu, Canalys Analyst said in a statement.

“Android vendors are under big pressure in the premium segment, as shipments of US$800-plus smartphones have fallen 18% below the 2019 level while iOS shipments have grown 68% over the same time. Google and the major Android device vendors must double down on their investments in differentiated hardware and state-of-the-art user experiences to keep appealing to high-end customers.”

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Samsung plays a significant role in the rapid development of foldable phones by supplying a chain ecosystem. While there are an increasing number of suppliers for foldable displays, hinges and other key components, device vendors are also highlighting innovative engineering solutions and product designs for a better user experience while constantly pushing down prices.

Similarly, major smartphone vendors are getting ready to compete in the foldable category, which will become a vital part of their high-end strategies and corporate branding. This year will see many new foldable device launches as vendors continue reducing thickness, weight and price, which will be vital for mass-market adoption.

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