Foldable smartphones have double-digit growth in most market regions
The market research firm Counterpoint reveals that foldable smartphones have experienced double-digit growth in most markets. Not only has China’s market seen an impressive 117% surge, but the Indian market has also experienced an astonishing increase of 967%. However, due to factors such as conflict and exchange rates, the demand for foldable smartphones in Eastern Europe has unexpectedly dwindled, with a 29% contraction observed.
During the first quarter of this year, approximately 2.5 million foldable smartphones were dispatched globally, marking a 64% rise compared to the same period last year. The Chinese market constitutes a significant majority of these shipments, with growth peaking at 117%. In terms of growth rate, however, India holds the crown with an unprecedented 967% rise. This is followed by the MEA market encompassing Central Europe and Africa, with an increase of 197%. North America’s market, in contrast, witnessed a more modest growth of 43%.
Nevertheless, when viewing the overall shipment volumes, the Chinese market continues to lead in the dispatch of foldable smartphones. Brands such as Huawei, Xiaomi, OPPO, Vivo, and Honor have all launched a plethora of foldable smartphone models. Notable shipment volumes have also been observed in the Western European and Asia Pacific markets, albeit they are still less than half of China’s.
Compared to the same period last year, Huawei emerged as the leading provider of foldable smartphones, boasting approximately 57% of the market share. This was followed by OPPO at 18%, and Samsung lagged behind at 6%. The first quarter of this year saw OPPO’s market share rise to 27%, with Samsung’s share also increasing to 26%. Huawei’s stake, however, dipped to 27%. Brands such as Vivo and Honor experienced an increase in their market share for foldable smartphone dispatches, while Xiaomi saw a relative decrease.
Samsung is poised to launch new foldable smartphone models, the Galaxy Z Fold5 and Galaxy Z Flip5, which are expected to augment their market share of foldable smartphones. This could potentially impel Chinese brands to introduce more affordable foldable smartphones, thereby promoting the widespread adoption of such devices.
Following Google’s unveiling of its first foldable smartphone, the Pixel Fold, at Google I/O 2023, rumors suggest that Google is set to release more foldable smartphone products, thereby bolstering expectations for the future.