Foldable Phone Market Growth Rate Predicted at 11% This Year... Half of Last Year's Level

Global Foldable Phone Shipments Drop from 25% Last Year to 11% This Year
Market Share Slightly Rises to 1.5% Year-on-Year
Huawei Aims to Catch Up, but Samsung Remains the Leader

The growth rate of the foldable smartphone market this year is expected to be half of last year's level. Although Samsung Electronics' market share has declined due to Huawei's rapid growth, it is still leading the market, according to analysis.

[Image source=Yonhap News]

According to TrendForce, a Taiwanese market research firm, the global shipment volume of foldable smartphones last year was 15.9 million units, a 25% increase compared to the previous year. This accounted for about 1.4% of the total smartphone market.

This year, the shipment volume of foldable smartphones is expected to increase by 11% year-on-year to 17.7 million units, with a slight increase in market share to 1.5%. However, this is below market expectations. Market share is expected to exceed 2% only next year.

The slowdown in the growth of foldable smartphones is attributed to frequent malfunctions and high prices. It is also analyzed that the development speed of the foldable smartphone market is linked to the price decline of ultra-thin glass (UTG) and hinges.

In the foldable smartphone market, Samsung Electronics' market share dropped from 80% in 2022 to 66.4% last year, but it is still leading the market. Last year, Huawei's market share rose to 12%, while Xiaomi, Vivo, and Oppo combined accounted for 10%.

TrendForce expects Samsung Electronics' market share this year to be 60.4%, and Huawei's to be 19.8%. While Samsung's target market share is around 60%, Huawei is actively increasing shipments and hopes to surpass 20%.

As major smartphone manufacturers enter the foldable smartphone market, Apple has not announced any official plans. TrendForce stated, "It is still uncertain whether Apple will start developing foldable smartphone products," but added, "Nevertheless, if Apple enters the foldable smartphone market, it could significantly accelerate market growth."