Foldable phones are increasingly captivating the wider population. It is predicted that in 2024, the trend of foldable smartphones will continue to soar.
According to a report by TrendForce, as seen on Sunday (February 25, 2024), in 2023, global shipments of foldable phones reached 15.9 million units, marking a 25% year-on-year increase and accounting for about 1.4% of the total smartphone market.
In 2024, shipments are estimated to increase to approximately 17.7 million units, growing by 11% and slightly increasing market share to 1.5%. However, this growth rate is still below market expectations, with the segment projected to exceed only 2% in 2025.
There are two factors that could slow down the growth of foldable phones. First is the low durability of foldable phones, which has led to a lack of consumer trust in the product. Second is the pricing factor, which is still not in line with the majority of consumers' budgets.
TrendForce says the future of the foldable phone market depends on the optimal cost optimization rate. Main components such as UTG and hinges can be mass-produced after standardization, thus significantly reducing costs.
Additionally, the increase in shipments of foldable panels by Chinese panel manufacturers offering price advantages compared to suppliers from Korea is expected to further lower the price of foldable phones. This allows brands to lower selling prices and choose to accelerate market penetration rates.
Samsung Leads the Market, Huawei Emerges as a Serious Competitor
Samsung remains the market leader despite their market share dropping from 80% in 2022 to below 70% in the following years, while Huawei's shipments increased to 12%. Brands like Xiaomi, Oppo, and Vivo still remain below the 10% mark.
Looking ahead to 2024, Samsung is determined to maintain their foldable phone market share in the range of 60%, similar to their target in 2023. In contrast, Huawei aggressively aims to increase its foldable phone shipments with a target market share surpassing 20%.
Specifically, Oppo and Vivo have hinted at postponing the launch plans for smaller vertically foldable devices this year. Both have chosen to channel their efforts into larger horizontally foldable models due to concerns about excessively high costs impacting their revenue.
On the other hand, Huawei is on track to launch a small vertically foldable device with 5G capabilities, marking their debut in the compact foldable device sector and entering the competitive arena this year.
Despite many smartphone brands diving into the foldable phone arena, one notable absence is Apple. They have not officially announced their plans for foldable phones, although there are reports of Apple evaluating crucial components for foldable devices, including requesting samples and conducting tests for panels and hinges.
TrendForce assesses that the information is still inconclusive regarding whether Apple will start developing their foldable phone products. Nevertheless, the potential entry of Apple into the foldable phone market could significantly boost market growth. find more example of computer aided software engineering .
