by Market Overview:
Foldable smartphones feature flexible displays that can be folded at mid to provide larger screen experience and can be folded back to compact portable sizes for carrying convenience. They provide all the functionality of regular smartphones along with extending larger screen experience on the go.
Market key trends:
One of the key trends in the foldable smartphone market is growing focus on display durability. Manufacturers are investing heavily in R&D to develop foldable displays that can withstand tens of thousands of folds without any visible damage or wear and tear. For instance, Samsung’s Galaxy Z Fold3 5G and Flip3 5G come with armor aluminum frames and hinge shields to improve durability of flexible displays.
SWOT Analysis
Strength: Foldable smartphones offer portable and larger screen sizes in a compact form factor appealing to many users on the go. Advances in screen and display technology have enabled practical and durable foldable designs.
Weakness: High manufacturing costs of foldable screens have resulted in premium pricing potentially limiting mass adoption. Durability and longevity of foldable screens still need improvements to match traditional smartphones.
Opportunity: Increasing interest in novel form factors provide opportunities for foldable smartphones to capture market share from traditional designs. Younger demographic attracted to cutting edge technology adopt foldable smartphones rapidly.
Threats: Stagnating smartphone upgrade cycles threaten foldable smartphone sales without must-have new features or technology. Direct competition from conventional high-end smartphones limits premium pricing of foldables.
The global Foldable Smartphone Market Share is estimated to be valued at US$ 22.95 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global foldable smartphone market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for portable yet large screen mobile devices. Advancements in screen technology have made foldable designs practical for everyday use attracting more consumers.
Regional analysis: Asia Pacific dominates the foldable smartphone market currently accounting for over 40% share due to high sales in China, South Korea and other developing Asian countries. Early technology adoption and expanding middle class drive foldable smartphone sales in the region. North America and Western Europe are other major regions witnessing rapid growth in their foldable smartphone markets.
Key players operating in the foldable smartphone market are Huawei, Lenovo Group Ltd., LG Electronics, Microsoft, Motorola, Oppo Co. Ltd, Royole, Samsung, Sony, TCL, Xiaomi. Among these Samsung has established leadership by introducing practical and durable foldable models such as Galaxy Fold and Flip inspiring others to enter this space. Chinese brands like Oppo and Xiaomi also aggressively expanding their foldable portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
