Could foldable smartphones be the future of the mobile technology world? Foldable phones have started to generate excitement amongst tech folks around the world with their innovative designs and multifunctionality. While these cutting-edge devices are decidedly about novelty, they have real-world benefits that are fueling the market at quite a fast pace.
In 2023, the global foldable smartphone market was estimated at USD 27.79 billion. From 2024 to 2030, it is anticipated to have a CAGR of 13.5%. The surge in demand can be attributed to these technological advancements and changes in consumer preferences.
The flexibility offered by foldable phones makes the user enjoy a small device that expands into a large screen. It has dual functionality, and it is appealing both to professionals and entertainment enthusiasts. Foldable smartphones allow you to multitask, play games, or enjoy media on one device, all at the same time.
There are certain other reasons why foldable smartphones are so popular now. Advancement in screen durability is one of the major drivers. Early foldable models were slammed for being fragile, particularly around where the foldable element is situated. However, Samsung and Huawei have made huge strides in device durability. Using stronger materials and more refined folding mechanisms, these issues have been addressed while providing customer confidence.
Market growth is also boosted by increasing demand for premium devices. In developed markets such as North America and Asia Pacific, consumers are willing to spend on high-end technology. Foldable smartphones also have the advantage of global expansion 5G networks. Usually, they come with 5G ability that enables you to achieve faster speed and have excellent connectivity to the experience as a whole.
Several foldable smartphone models have caused a splash in the market. Among the top contenders are Samsung’s Galaxy Z Fold 5 and Galaxy Z Flip 5. The models featured in these models pack incredible features including 5G connectivity, large foldable screens, and sleek looks. Samsung’s push to bring down the price with its budget-friendly, Galaxy Z Fold 6, has also helped international sales thrive.
Retro flip-phone design has also worked to capture people's attention in Motorola's Razr series featuring some modern functions too. However, Huawei’s Mate X series has its own way of flexing with a screen that expands to become a large tablet. Xiaomi, Oppo, and Honor are other notable brands that are mushrooming this market with great prices and feature-rich devices.
In terms of functionality, the foldable smartphone market is segmented into two primary types: flip phones and folding phones. In 2023, the flip smartphone share was 76.9%. These compact devices can be folded into a smaller form allowing them to be more portable and, importantly, appealing to users who prefer easy pocketability. It’s nostalgic! Modern technology meets the nostalgia of flip phones.
However, foldable smartphones like the Galaxy Z Fold give you a few more inches of screen real estate when you unfold it. Users who need extra screen space for tasks like gaming, productivity, or multitasking like this feature. From 2024 to 2030, the foldable segment is expected to grow at a higher rate of CAGR of 14.0%.
The foldable smartphone distribution depends on the channel. In 2023 offline channels represented 81.4% of sales. One of the benefits of physical stores is that the consumers can interact with the devices in their hand, and try to assess how they work before making their purchase. This allows consumers to physically see the product on the devices before they even buy it, a nice give-you-get-to-try-it feature. Since many stores offer promotions, exclusive deals, and financing options, they have proved to be very popular among consumers.
Nevertheless, it is also expected that online sales are going to rise significantly, at CAGRs of 14.5 per cent between 2024 and 2030. Many online retailers offer a larger choice of models and configurations for comparison, making it easier for consumers to choose. This also provides better deals, flash sales, and the benefit of home delivery which attracts a lot of buyers to take to online shopping.
For foldable smartphones, North America is a strong market with a CAGR of 13.6% from 2024 to 2030. Consumers in the U.S. are tech-savvy and eager to adopt innovations, especially those who desire devices designed to work with 5G networks. Despite all this, Samsung and Motorola are still the kings in the region, with aggressive promotional campaigns, as well as mobile carrier partnerships.
Asia Pacific holds a share of 44.0% in the foldable smartphones market in 2023. China, South Korea and Japan are leading the trend of foldable smartphones. These regions’ growing income levels and increasing middle class are fueling demand for premium tech products that are driving foldable phones into a bigger consumer base.
Another growth trend that Europe is also experiencing is a CAGR of 14.1% from 2024 to 2030. As status symbols and functional devices, European consumers have been hungry for foldable smartphones. Another factor driving the demand for these advanced smartphones is the growing 5G infrastructure in Europe.
There are a number of the leading companies in the foldable smartphone market. Sound good? Samsung Electronics takes the lead, followed by Huawei Technologies, Motorola Mobility and Xiaomi. Noteworthy other players include Oppo, Honor and OnePlus. The main focus of these companies is to invest in R&D to find more refined ways of folding, make the machine more durable, and increase the general performance.
On the other hand, manufacturers also adopt such strategies as joint ventures, partnerships and acquisitions to target a bigger market for their business. As foldable technology advances, companies are continually trying to beat them all by inventing new products.
The foldable was expected to find its legs, boosted by technology, the need for premium devices, and the durability and design of your devices continuing to improve. With more companies entering the market, consumers will see a larger array from which to choose, as a foldable that best suits their tastes and budget.
Foldable smartphones are shaping up to be an important part of the future of mobile technology, pioneer continuing innovations and the rise of 5G networks. From work, entertainment, and light duty usage, foldable phones have always provided a clever blend of functionality and design, and that will likely not change for a long time.