- Apple’s potential entry into this segment could significantly alter market dynamics, given the company’s loyal customer base and reputation for premium products.
- Big opportunities for both established players and newcomers to make their mark in the rapidly evolving industry.
Shipments of foldable phones are set to reach 17.8 million units in 2024, though they will account for only 1.5 per cent of the overall smartphone market share.
Despite challenges such as high repair rates and costs, market penetration is expected to climb to 4.8 per cent by 2028, according to research firm TrendForce.
Samsung, a tech giant known for its innovative products, played a pivotal role in pioneering the foldable phone market. In 2022, Samsung commanded over 80 per cent of the market share in this segment.
However, with the emergence of increased competition from various brands in 2023–2024, Samsung’s market share dipped to about 50 per cent, indicating challenges in maintaining its dominance in this rapidly evolving market.
Huawei, another major player in the smartphone industry, made significant strides with its 4G Pocket S in 2023, which helped boost its market share to 12 per cent.
In 2024, Huawei further expanded its offerings with upgraded 5G models like the Mate X5 and Pocket 2. The company’s upcoming launch of the world’s first tri-fold phone in Q3 is expected to further enhance its market position, potentially raising its market share to nearly 30 per cent.
While Samsung and Huawei are key players in the foldable phone market, brands like Motorola and Nubia have also made significant impacts. Motorola’s Razr 40 and Razr 40 Ultra, priced competitively between CNY 3,999 to 5,699 ($552 to $787), have garnered substantial attention and are projected to exceed one million units in sales, capturing a six per cent market share.
Nubia, a Chinese brand, has capitalised on pricing advantages by launching the Nubia Flip in Japan at a competitive price point of $499, leveraging components from Chinese suppliers to reduce costs and appeal to cost-conscious consumers.
Challenges and opportunities for Apple
Rumours surrounding Apple’s potential entry into the foldable phone market continue to circulate. While TrendForce suggests that Apple is evaluating component specifications and performance, with a strong emphasis on crease and reliability, the tech giant is unlikely to release a foldable phone before 2027.
Nevertheless, Apple’s potential entry into this segment could significantly alter market dynamics, given the company’s loyal customer base and reputation for premium products.
As consumer preferences evolve and technology continues to advance, the future of foldable phones remains both challenging and promising. With Apple’s potential entry on the horizon, the market is poised for further disruption and transformation in the years to come.
As TrendForce’s projections indicate, the future of this segment holds significant potential for growth and innovation, with opportunities for both established players and newcomers to make their mark in this rapidly evolving industry.