Foldable smartphones provide the added advantage of portability by allowing users to fold the device into a compact form factor for easy carry. They feature flexible OLED display panels which can bend without damage. Major brands like Samsung, Huawei and Motorola are launching innovative foldable models with large screen experience and multi-tasking capabilities. Their sleek yet durable design along with continuous technology advancements is gaining popularity among consumers looking for premium yet portable smartphones. The global foldable smartphone market is at a nascent stage currently dominated by early adopters however steady feature upgrades and competitive pricing is expected to drive mainstream adoption in the coming years. The global Foldable Smartphone Market is estimated to be valued at US$ 22.95 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the foldable smartphone market is the imminent availability of affordable models. While current foldable devices have higher price points compared to regular flagship smartphones, major OEMs are committed to bringing down costs through economies of scale and technological innovations. This will broaden the appeal beyond luxury segment and enter the mass market tier. Another significant trend is growing focus on sturdier and more durable foldable designs. Early adopters faced issues relating to display fragility which the industry is addressing through advanced materials and strengthened hinge mechanisms. Improved durability and a seamless folding experience will convince potential buyers and accelerate mainstream adoption rates over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the foldable smartphone market, as innovation and R&D costs required are high. However, brand loyalty is yet to be established in this emerging market.
Bargaining power of buyers: The bargaining power of buyers is high in this market as foldable smartphones are premium products and buyers have several alternatives from different brands to choose from.
Bargaining power of suppliers: The key suppliers of components like flexible OLED displays have moderate bargaining power since only a few technology providers control this emerging technology currently.
Threat of new substitutes: Threat from new substitutes is low currently since no direct substitutes of foldable smartphones exist in the market. However, conventional flagship smartphones continue to capture market share.
Competitive rivalry: Competition in the foldable smartphone market is intense as major players like Samsung, Huawei, and Motorola strive to gain leadership in this nascent category through continuous innovation.
Key Takeaways
The global Foldable Smartphone Market Growth is expected to witness high over the forecast period.
Asia Pacific accounts for the largest share currently, led by countries like China and South Korea. Samsung holds a dominant position in the market with its highly popular Galaxy Fold and Flip series.
Key players operating in the foldable smartphone market are Samsung, Huawei, Motorola, Xiaomi, and Oppo. Samsung holds a leadership position with extensive R&D investments and successful product launches of the Galaxy Z series. Huawei also launched several innovative foldable models to gain share. Other players are actively developing affordable models to tap the mass market potential.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it