Global Foldable Phone Shipments To Reach 17.7 Million in 2024
According to the latest TrendForce report, global foldable phone shipments reached 15.9 million units in 2023, scoring a 25% YoY increase and reckoning for approximately 1.4% of the overall smartphone market. Moreover, these shipments are anticipated to grow to about 17.7 million units in 2024. We will witness a slight increase in the market share of foldable phones to 1.5% in the coming year. However, this growth rate is still below market expectations as the foldable share is anticipated to exceed 2% only by 2025.
Now, the question arises why is there a slowdown in the growth of foldable phones? There are two main reasons: Firstly, consumer retention is low due to recurring maintenance issues encountered by first-time foldable phone users. This leads to a lack of confidence in foldable products and people prefer high-end flagship smartphones. On the other hand, the prices of foldable phones are quite high. They still need to reach the sweet spot for consumers. However, future developments in the foldable smartphone market are significantly considering cost optimization. With the key components such as UTG and hinges, we will see a significant reduction in costs.
Samsung Dominates Foldable Smartphone Market In 2023
The report revealed that Samsung continued its dominance as the leading foldable smartphone vendor with a 66% share of the market. However, the figure dropped by over 17% points from 2022 values. Samsung’s share of the foldable market is anticipated to drop down to 60% in 2024. The second stop was taken by Huawei with under 12% market share in the foldable segment. TrendForce predicts that Huawei’s share in the foldable segment will increase by up to 20% in 2024. Xiaomi was the third leading OEM in terms of foldable shipments with a 5.4% market share.
Sources claim that other Chinese smartphone makers, Oppo & Vivo are shelving their plans for launching smaller, vertically folding phones this year. They will be bringing compact foldable devices instead of channeling their efforts into larger, horizontally folding variants. Oppo & Vivo are working on reducing the high costs impacting profitability. On the other hand, Huawei is on its way to unveiling a 5G-enabled small vertical folding handset. Honor is expected to enter the competition this year. So, let’s wait and watch what comes next.
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