Samsung
Samsung retains its top position in global foldable phone market despite 10% drop: Report
Samsung has been leading the foldable phone market for years, and this time too the South Korean tech giant has retained its top spot in the global foldable smartphone market, but with a drop of 10%. While Huawei’s foldable phone shipments have risen to 12% resulting in a great success.
According to the report of TrendForce, the global shipments of foldable phones reached 15.9 million units in 2023, marking a 25% year-on-year increase and accounting for approximately 1.4% of the overall market.
To be mentioned, the foldable smartphone market growth of 2023 growth would be 43 percent higher than the previous year, when shipments hit 18.3 million units. But, the shipments are expected to rise to about 17.7 million units in 2024, growing by 11% and slightly increasing the market share to 1.5%.
However, this growth rate also remains below market expectations, with the segment’s share predicted to exceed 2% only by 2025.
Talking especially about brand performance, so the market share of Samsung has declined by 10%, it was 80% in 2022 and in 2023 it slipped to 70%, but despite having a drop, the Korean tech firm remains a leader in the global foldable phone market.
The shipment of Huawei foldable phones has risen to 12% and other brands like Xiaomi, Oppo, and Vivo have kept their shares below 10%. However, Samsung seems to be getting prepared for the 2024 foldable smartphone war with the development of its upcoming Galaxy Z Fold 6 and Galaxy Z Flip 6 devices.
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