Since the beginning of the modern foldable phone era, which began in 2019, Samsung has long been the leading brand in this segment. But recently, competition from various players has intensified and the company has gradually reduced its market share. Yes, the foldable smartphones of Huawei surpassed Samsung in the first quarter. 2024, and the landscape in this segment has begun to change.
Analysts of the research company TrendForce note that Samsung’s share has fallen from 60% to just over 50%. And while foldable smartphones may only account for about 1.5% of the global smartphone market by the end of 2024, by 2028 that figure could grow significantly. Despite such problems as the high cost of repair, experts expect that by 2028 the market penetration of this type of device will increase to 4.8%. Especially if Apple will finally present its foldable smartphone (enthusiasts have been waiting for this event for years). According to forecasts, in 2024 deliveries of folding phones will reach 17.8 million units.
Once the dominant force in the foldable phone market, Samsung has seen its dominance weaken and competition from other brands only increases. As mentioned, by 2023-2024, Samsung’s share is down to around 50%, a significant drop from its previous position of 60%.
To a large extent, Huawei is responsible for this indicator, which made significant progress in the folding smartphone market thanks to its Pocket S and captured a market share of 12%. Building on this momentum, Huawei introduced updated 5G models such as the Mate X5 and Pocket 2 in 2024. In addition, there are more and more rumours about the launch of the world’s first tri-folding smartphone, and if it does happen this year, Huawei’s market share will become even larger.
Meanwhile, other Chinese companies such as Xiaomi, OPPO and vivo have faced challenges in expanding sales of their foldable phones. Motorola, on the other hand, has shown tremendous growth with its clamshell Razr 40 (you can find its review here) and Razr 40 Ultra (and its review is available here).
But, of course, Samsung does not plan to give up – the company aims to regain its leadership in the market with the help of the upcoming Fold6 and Flip6, which promise increased performance and reliability. Huawei is also targeting the clamshell market aggressively, with plans to add a budget model to its portfolio. Rumours also persist that Apple could enter the foldable phone market sometime before 2027, and analysts at TrendForce note that if it does happen, the product could shake up the segment.
Meanwhile, Counterpoint Research estimated that the global foldable smartphone market grew by 49% in Q1 2024, which was the highest growth rate in the last six quarters.
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