Shillong, September 22: The global foldable smartphone market is expected to see significant expansion in 2024, driven by the introduction of entry-level products, ushering in the era of mass-market foldable phones, primarily led by Samsung and Huawei, according to a report released on Friday.
As per IANS, in the second half of this year, competition in the global foldable product market is set to intensify, with the entry of Chinese companies such as OPPO and Honor, as indicated by Counterpoint Research.
While Samsung’s market share may face some pressure due to increased competition, senior analyst Jene Park noted that this is a natural outcome. He added, “However, competition among manufacturers usually has the effect of increasing the size of the market for the product.”
Park also mentioned, “We believe that the era of the mass foldable phone is expected to start in 2024, mainly led by Samsung and Huawei with their entry-level foldables.”
Entry-level foldable phones are expected to be priced around $600 to $700, making them more accessible to consumers.
Meanwhile, the global foldable smartphone market experienced a 10 percent year-on-year increase in the second quarter of this year, reaching 2.1 million units.
This growth stands in contrast to the global smartphone market, which saw a 9 percent decline in shipments during the quarter, totaling 268 million units, as mentioned in the report.
Due to factors such as the prolonged Russia-Ukraine war and ongoing high global inflation, the smartphone market is expected to remain relatively stable.
Nevertheless, the foldable smartphone sector continues to exhibit robust and sustained growth, the report emphasized.
In Q2, the Chinese foldable smartphone market achieved significant success, surging 64 percent year-on-year to reach 1.2 million units.
China now dominates the global foldable smartphone market, with a 58.6 percent share.
Chinese manufacturers are expanding their presence internationally during this period, with notable releases including the HONOR Magic V2, OPPO Find N3 Flip, and an upcoming OnePlus foldable device.
Furthermore, Samsung’s Galaxy Z Fold 5 and Galaxy Z Flip 5, considered top-tier foldable offerings, were launched in August and are expected to capture a significant market share in the second half of 2023, according to the report.