The market for foldable phones is expanding globally, but recent trends indicate a slowdown in growth compared to previous years. According to research firm TrendForce, the shipment of foldable phones is projected to increase by 11% this year, a notable decrease from the 25% growth observed in the previous year.
In 2023, around 15.9 million foldable phones were shipped worldwide, constituting 1.4% of total smartphone shipments. TrendForce predicts a rise to 17.7 million units in 2024, capturing 1.5% of the market, and further growth to 2% by 2025.
Two primary factors are contributing to the deceleration in foldable phone shipments. Firstly, many first-time users are encountering maintenance issues with their devices, leading to a decline in confidence among consumers. Consequently, a significant number of consumers are opting for conventional flagship phones rather than purchasing a second foldable device.
Secondly, the pricing of foldable phones remains a significant obstacle to widespread adoption. Despite advancements in technology, prices have not yet reached a level considered affordable for most consumers. However, the report suggests that increased competition among Chinese panel suppliers and mass production of key components could drive prices down in the future.
Samsung continues to dominate the foldable market, although its market share decreased from 80% in 2022 to 70% in 2023. Despite facing challenges from U.S. sanctions, Huawei has managed to secure a significant market share, holding 12% last year.
Looking ahead, TrendForce anticipates Samsung maintaining its leadership position in the market, while Huawei aggressively expands its market share with new foldable devices. Additionally, rumors of tri-fold foldables from both Samsung and Huawei could inject new excitement into the foldable market and stimulate further growth.
