Foldable phones expected to hit 5% global market share by 2027
There is plenty of room to grow for foldable phones over the next four years according to TrendForce.
Its latest insights reveal that foldable phone shipments are expected to hit 18.3 million units by the end of the year, which is a 43% year-on-year increase.
For 2024, TrendForce predicts a 38% growth with 25.2 million foldable phones shipped and a market of 2.5%.Andin four years, TrendForce says foldable phone shipments could garner 5% of the global smartphone market with 70 million units.
TrendForce cites "reduced costs and the expansion strategies of Chinese brands" as the main driving forces behind the rapid growth of foldable phone shipments. TrendForce believes consumer interest and purchase intent will spike once foldable phones go below US$1,000.
For now, Samsung maintains its market leader position in the foldable space. However, the South Korean company saw its market share slide from 82% in 2022 to 68% this year due to the increasing number of foldable phones from Chinese brands.
Huawei, Oppo and Xiaomi secured 14%, 5% and 4% market share respectively. TrendForce believes Chinese phone brands could "turbocharge the foldable market's growth trajectory" once they roll out their overseas expansion plans, and there are already signs that this is happening sooner rather than later.
Huawei is reportedly planning to make a comeback to the global market with the launch of its first domestically produced Kirin mobile chip. After unveiling the Mix Fold 3 in August, Xiaomi is said to be eyeing the clamshell foldable phone in 2024 with its Mix Flip phone.
Oppo is also preparing to bring its Find N3 Flip clamshell foldable phone to global markets soon.The Chinese phone maker is a fast-rising star as its smartphone brand ranks fourth in the global smartphone market. Oppo credits its rapid growth in market share to the uptick in its foldable phones.
OnePlus confirmed earlier this year that it is entering the foldable market in Q3and the purported specs of its first foldable phone could give Samsung and the Galaxy Z Fold5 a run for its money!
Honor recently showcased a new foldable concept that combines a phone and a purse. While it is merely a foldable concept, it's impossible to deny the fact that Chinese phone brands are racing to outdo each other in innovation and creativity for foldable phones.
Exciting times are ahead for foldable phones and consumers, but Samsung, on the other hand, has to work doubly hard if it wants to continue leading the market.
Source: TrendForce
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