Table of Contents
Introduction
As per the latest insights from Market.us, The global foldable smartphones market is forecasted to expand significantly, with its valuation expected to increase from USD 26 billion in 2023 to USD 188.4 billion by 2033. This growth trajectory suggests a robust Compound Annual Growth Rate (CAGR) of 21.9% over the period from 2024 to 2033. In the regional market landscape of 2023, Asia-Pacific (APAC) emerged as the leader, holding more than 45.9% of the global market share for foldable smartphones. This dominant position highlights the region’s pivotal role in driving and adopting foldable smartphone technologies.
Foldable smartphones are mobile devices that feature a flexible display technology, allowing the screen to fold without breaking. This technology enables a larger display to be compacted into a smaller form factor, combining the portability of a smartphone with the larger screen size of a tablet. The key characteristic of these devices is their hinge mechanism, which allows the display to be folded and unfolded repeatedly without damage.
The Foldable Smartphones Market refers to the segment of the consumer electronics industry involved in the design, manufacturing, and sale of foldable smartphones. As a niche but rapidly evolving market, it encompasses various aspects such as technological innovation, consumer demand, production strategies, and marketing tactics. The market for foldable smartphones is experiencing significant growth, driven by consumer interest in innovative and versatile devices.
Advances in material science and display technology have enabled manufacturers to offer durable and aesthetically appealing foldable smartphones. The development of robust and flexible display materials, along with improvements in hinge design, are crucial for the market’s expansion. Companies are investing heavily in research and development to address initial concerns about the durability of foldable phones.
Foldable smartphones have gained popularity due to their unique design and advanced functionalities that combine the portability of a smartphone with the larger screen size of a tablet. This popularity is evidenced by the high social media engagement and consumer inquiries related to new launches in this segment. The trend is particularly noticeable among tech enthusiasts and professionals who value enhanced productivity features.
The market opportunities for foldable smartphones are vast, as they cater to a niche yet growing consumer base seeking innovation. With the global smartphone market nearing saturation, foldable devices offer manufacturers a new avenue to rejuvenate sales and distinguish their offerings. Additionally, the integration of 5G technology and improved display materials presents opportunities for further innovation and market penetration.
Key Takeaways
- The global foldable smartphones market is expected to grow from USD 26 billion in 2023 to USD 188.4 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 21.9% over the forecast period from 2024 to 2033. This surge in market value is primarily fueled by increased consumer interest in advanced mobile technologies and the unique functionality offered by foldable designs.
- In 2023, Inward Folding Smartphone models were the most prevalent, capturing over 62.1% of the market share. This design’s popularity underscores its appeal in the evolving smartphone landscape.
- The online platform segment also demonstrated strong market leadership in 2023, securing more than 58.3% of sales. The preference for online shopping, driven by convenience and exclusive deals, continues to support this distribution channel’s dominance.
- Geographically, Asia-Pacific was the leading market in 2023, holding a 45.9% share. The region’s market leadership is supported by the rapid adoption of new technologies and the presence of key industry players in countries such as China, South Korea, and Japan.
Foldable Smartphones Statistics
- Samsung maintains a commanding 90% market share across major regions including the European 5, the US, and Australia, reflecting its dominance in the foldable smartphone sector.
- Global shipments of foldable smartphones are anticipated to reach 25 million units in 2024, up from 15.9 million units in the previous year, marking a substantial year-on-year growth of 25%.
- Despite the rapid adoption, foldable smartphones still represent a small fraction of the total market, accounting for just 1% of all smartphones in key markets such as the UK, Germany, France, Italy, Spain, the US, and Australia.
- Samsung leads the foldable market, having shipped 12.5 million units, followed by Huawei with 2.5 million units. However, Samsung’s market share has seen a decline from over 80% to 50.4%, indicating increasing competition.
- Interestingly, 55% of foldable smartphone owners returned to conventional smartphones during their last upgrade. In the US, flip-type foldables, which fold vertically, are preferred by 49% of consumers over the book-type which opens horizontally.
- Foldable smartphone shipments are projected to increase by 38% globally in 2024. Meanwhile, Huawei has captured a significant market position, becoming the largest seller of fold-type smartphones in the second quarter of 2023, with a 32.9% share.
- Despite high interest among iPhone owners, with 25% expressing intentions to switch to foldables, the overall market penetration of foldables remains low at 1.5%.
- The affordability of foldable phones is improving, highlighted by ZTE’s Nubia brand offering a model in Japan for just USD 499. Flip devices currently dominate, constituting 67% of all owned foldable smartphones.
Best Foldable Phones 2024
Here are some of the best foldable phones of 2024, offering a mix of innovation, style, and performance.
1. Google Pixel 9 Pro Fold
The Google Pixel 9 Pro Fold stands out with its durable design, seamless software integration, and powerful camera system. It has a large, high-resolution 8-inch Super Actua Flex display that enhances media consumption and productivity. The device integrates Google’s AI features, which optimize performance and photography. Its larger cover screen and robust build make it a strong contender in the foldable space.
2. OnePlus Open
OnePlus Open brings a sleek design, competitive pricing, and impressive performance. The foldable boasts an edge-to-edge display that reduces the visible crease, offering a smooth experience for multimedia and gaming. With fast charging and strong battery life, OnePlus targets those who want a top-tier foldable at a more accessible price.
3. Samsung Galaxy Z Fold 6
Samsung remains a dominant player in the foldable market with the Galaxy Z Fold 6. This model offers a refined design, a brighter 7.6-inch main display, and a more immersive experience thanks to an improved under-display camera. Samsung’s One UI continues to optimize multitasking, making it ideal for users who need productivity on the go. Its seven-year software support is a notable advantage, ensuring long-term use.
4. Samsung Galaxy Z Flip 6
The Galaxy Z Flip 6 caters to users seeking a compact, stylish foldable. With its clamshell design and larger cover screen, it offers quick access to apps and notifications without needing to unfold the phone. The phone’s Flex Mode allows for hands-free video calls and photography, making it versatile for content creators. It’s a great blend of fashion and function, supported by Samsung’s long-term software updates.
5 Motorola Razr Plus 2024
The Motorola Razr Plus (also known as the Razr 50 Ultra) embraces a nostalgic design with modern technology. Its large cover display supports a wide range of apps, offering functionality without unfolding the device. The hinge design is improved, and the phone is more durable with water resistance features. Motorola has successfully blended retro aesthetics with cutting-edge tech, making it a unique option in the foldable market.
Emerging Trends
- Diverse Folding Mechanisms: The latest trends in foldable smartphones showcase a variety of folding designs, including rollable displays and clamshell configurations. This diversification aims to enhance user experience by offering more compact and versatile devices.
- Improved Design and Durability: Manufacturers are focusing on refining the aesthetics and functional aspects of foldable phones. Innovations like the Vivo X Fold 3 Pro with angled sides simplify the opening mechanism, addressing user concerns about ease of use and durability.
- Enhanced Display Technology: Foldable devices are seeing advancements in screen materials that reduce visible creases and increase durability. Companies like Samsung have introduced protective layers that make screens less susceptible to damage.
- Eco-friendly Manufacturing: As the technology matures, there’s a growing focus on reducing the environmental impact of producing foldable smartphones. This includes addressing the sustainability challenges posed by the complex components required for these devices.
- Mainstream Adoption and Affordability: Efforts are being made to lower the cost of foldable smartphones to reach a broader market. Xiaomi, for example, is working on making affordable foldable devices, indicating a push towards mainstream adoption.
Top Use Cases
- Enhanced Productivity: With larger screens that can fold to pocket size, these devices are perfect for professionals who need a tablet-sized display for work on the go, without carrying multiple devices.
- Advanced Multitasking: The ability to run multiple apps simultaneously on a single large screen or across multiple screens significantly boosts multitasking capabilities, making these phones highly efficient for busy users.
- Gaming and Media Consumption: The larger, immersive displays of foldable phones provide an excellent platform for gaming and media consumption, with enhanced graphics and better user interaction thanks to more screen real estate.
- Photography and Videography: Foldable phones often come equipped with high-quality cameras and innovative software that enhance photography and videography experiences. Features like Samsung’s S Pen are added bonuses for creative professionals.
- Travel and Portability: The compact yet expansive screen options offer a great advantage for travelers. The ability to fold the device makes it easy to carry, while the expanded screen is ideal for maps, guides, or reading.
Major Challenges
- Durability Concerns: One of the most persistent issues with foldable smartphones is the durability of the foldable screen. Issues such as screen creasing, bubbling, and vulnerability to dust and debris can impact the longevity and functionality of these devices. The built-in screen protectors, designed to protect the delicate screens, often require careful handling and are prone to damage from everyday use.
- Complexity of Design: The unique design of foldable smartphones, which includes a hinge mechanism and dual screens, introduces significant engineering challenges. This complexity not only increases production costs but also poses challenges for maintaining a slim, consumer-friendly profile while ensuring robust internal component placement and functionality.
- Environmental Sensitivity: Foldable phones can be particularly sensitive to environmental conditions. For example, colder temperatures may make the materials more brittle, leading to increased susceptibility to damage when the device is handled during low temperatures.
- High Repair Costs: Due to the sophisticated design and technology of foldable phones, repair costs can be significantly higher compared to traditional smartphones. This aspect could deter consumers who are concerned about long-term maintenance and repair expenses.
- Consumer Skepticism: Despite improvements in technology, there remains a degree of skepticism among consumers regarding the practicality and durability of foldable phones. This skepticism can affect market adoption rates as potential buyers might hesitate to invest in a technology perceived as unproven or too experimental.
Top Opportunities
- Enhanced User Experience: Foldable smartphones offer a unique combination of compact design and expansive screen size, which can enhance user experience significantly. They allow for more versatile apps and software uses, such as multitasking and improved media consumption, which can be particularly appealing to professional and entertainment-focused users.
- Innovation in App Development: The distinct screen dynamics of foldable devices present opportunities for app developers to innovate how apps operate, potentially driving a new wave of software development tailored to these devices’ unique capabilities.
- Market Differentiation: As a standout feature in the smartphone market, foldability offers brands a significant differentiation point. This can be particularly effective in premium segments where innovation and unique design are major selling points.
- Expansion into New Consumer Segments: The novel features of foldable phones, such as their adaptability to serve as both a phone and a tablet, provide opportunities to tap into new consumer segments who value such versatility.
- Potential for Premium Positioning: The innovative technology and design of foldable smartphones allow them to be positioned as premium products, which can attract a segment of the market willing to pay a higher price for cutting-edge technology.
Conclusion
The foldable smartphones market is poised for substantial growth, driven by increasing consumer demand and technological innovations. As these devices evolve to offer more durability and functionality at competitive prices, their popularity is expected to rise further. With significant market opportunities in both developed and emerging regions, manufacturers who continue to innovate and address the specific needs of this segment can expect to see considerable expansion in the coming years. This promising outlook underscores foldable smartphones as a key area of focus for stakeholders in the mobile device industry.
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