Foldable smartphone shipments are up 25% YoY, Samsung reigns supreme
According to the latest report from TrendForce, foldable smartphone shipments are up 25% YoY. Companies sold 15.9 million foldable smartphones in 2023, which is a 25% increase compared to 2022.
Foldable smartphone shipments are up by 25% YoY, and a new increase is expected this year
Another increase is expected this year, by the way. TrendForce expects foldable smartphone shipments to grow to 17.7 million units by the end of 2024, which would represent a growth of 11%. That’s just a projection at the moment, though.
The growth rate is below market expectations, though. That can be attributed to two main factors, says TrendForce. The first one is “consumer retention is low due to frequent maintenance issues faced by first-time foldable phone users, leading to a lack of confidence in the product”.
The price points of foldable phones will play a huge role in their growth rate
The second one is the current price points of foldable phones. They still have to reach the “sweet spot” for consumers, says the source. That second point is actually the most important one, as the growth of the foldable smartphone market is closely tied to it.
Samsung still reigns supreme in the foldable smartphone market. That’s not surprising at all considering what kind of a lead the company had in the last couple of years. Samsung also makes its foldables widely available, and they’re well-known at this point.
Its market share did drop compared to 2022, quite a bit, though. It had 80% of the market in 2022, a bit under 70% in 2023. Based on the report, that number is 66.4%.
Samsung plans to keep around 60% of the foldable smartphone market this year
Samsung plans to keep around 60% of the foldable smartphone market in the near future, which is doable. Huawei, on the other hand, plans to grow to nearly 20%. In 2023, the company’s market share was 11.9%.
Xiaomi was third-placed with 5.3%, while everyone else grabbed 16.4% of the foldable smartphone market. OnePlus, OPPO, and HONOR have all launched outstanding foldables last year, and they’ve reached global markets. It will take time and a series of great products and marketing moves to make a true dent in the global foldable smartphone market, though.
According to the latest report from TrendForce, foldable smartphone shipments are up 25% YoY. Companies sold 15.9 million foldable smartphones in 2023, which is a 25% increase compared to 2022.
Foldable smartphone shipments are up by 25% YoY, and a new increase is expected this year
Another increase is expected this year, by the way. TrendForce expects foldable smartphone shipments to grow to 17.7 million units by the end of 2024, which would represent a growth of 11%. That’s just a projection at the moment, though.
The growth rate is below market expectations, though. That can be attributed to two main factors, says TrendForce. The first one is “consumer retention is low due to frequent maintenance issues faced by first-time foldable phone users, leading to a lack of confidence in the product”.
The price points of foldable phones will play a huge role in their growth rate
The second one is the current price points of foldable phones. They still have to reach the “sweet spot” for consumers, says the source. That second point is actually the most important one, as the growth of the foldable smartphone market is closely tied to it.
Samsung still reigns supreme in the foldable smartphone market. That’s not surprising at all considering what kind of a lead the company had in the last couple of years. Samsung also makes its foldables widely available, and they’re well-known at this point.
Its market share did drop compared to 2022, quite a bit, though. It had 80% of the market in 2022, a bit under 70% in 2023. Based on the report, that number is 66.4%.
Samsung plans to keep around 60% of the foldable smartphone market this year
Samsung plans to keep around 60% of the foldable smartphone market in the near future, which is doable. Huawei, on the other hand, plans to grow to nearly 20%. In 2023, the company’s market share was 11.9%.
Xiaomi was third-placed with 5.3%, while everyone else grabbed 16.4% of the foldable smartphone market. OnePlus, OPPO, and HONOR have all launched outstanding foldables last year, and they’ve reached global markets. It will take time and a series of great products and marketing moves to make a true dent in the global foldable smartphone market, though.
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