by Market Overview:
Foldable smartphones offer users the portability of a small device along with the functionality of a larger screen size through mechanical means. When folded, these smartphones can easily fit into pockets while maintaining thin profiles. When unfolded, the screen size increases substantially providing larger canvas for media consumption and productivity. Their flexible OLED display panels allow the device to be folded without damage. This makes foldable smartphones an attractive option for users wanting mobility along with versatility.
Market key trends:
Increasing integration of 5G connectivity is a major trend shaping the foldable smartphone market. 5G networks provide high speed data transfers which enhances the multimedia and gaming capabilities of these large screen devices. Leading manufacturers are focusing on incorporating 5G modems to future-proof their devices and attract data-intensive users. Furthermore, advances in foldable display technologies is enabling thinner and lighter form factors. This is improving device durability making foldable designs more seamless and robust. Durability remains a key challenge for mass adoption which new materials and manufacturing techniques are addressing.
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.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the foldable smartphone market requires high capital investments to manufacture new devices along with advanced foldable display technologies.
Bargaining power of buyers: The bargaining power of buyers is moderate since there are many established brands offerring foldable smartphones with distinct features, providing multiple choices to customers.
Bargaining power of suppliers: The bargaining power of suppliers is high due to the limited availability of foldable display suppliers and their ability to influence prices is a critical component for foldable devices.
Threat of new substitutes: The threat of new substitutes is low as foldable smartphones provide a unique form factor compared to regular smartphones without any close substitutes currently.
Competitive rivalry: Competition in the foldable smartphone market is intense with many brands introducing new models regularly to gain market share.
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 innovative design features in smartphones.
Regionally, Asia Pacific holds the major share currently attributed to the presence of key manufacturers such as Samsung and Huawei in the region. China has emerged as the global leader in foldable smartphone shipments with its domestic manufacturers capturing significant share of the market. Europe and North America are also lucrative markets growing at a steady pace.
Key players operating in the foldable smartphone market include Samsung, Huawei, Lenovo Group Ltd., LG Electronics, Microsoft, Motorola, Oppo Co. Ltd, Royole, Sony, TCL, and Xiaomi. Samsung leads the market with its well-established Galaxy Z series featuring advanced foldable OLED displays and powerful hardware specs. Huawei also offers premium foldable phones but its sales are restricted in major markets owing to ongoing geopolitical issues.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
