The foldable smartphone market is poised to grow at a significant rate owing to rising demand for innovative display technology that enhances user experience. Foldable smartphones allow the screen to fold inward or outward, transforming from a smartphone into a tablet-sized device. They feature flexible OLED display panels that enable the device to be folded without damage. This provides expanded screen real estate and allows users to perform multi-tasking easily. Foldable smartphones offer enhanced portability when folded and a large display equivalent to a tablet when unfolded.
The Global Foldable Smartphone Market is estimated to be valued at US$ 26.44 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players in the foldable smartphone market include Samsung Electronics, Huawei Technologies, Royole, and Motorola. Samsung dominates with its innovative Galaxy Z Flip and Galaxy Z Fold series.
Growing demand: There is growing consumer demand for large-screen devices with greater portability. Foldable smartphones address this requirement by offering a compact form factor as well as a tablet-like experience. Their aesthetic appeal and distinct form factor attract tech-savvy users.
Technological advancement: Major players are continuously investing in R&D to develop advanced Foldable Smartphone Market Trends and hinge technologies. This is improving the durability and user experience of foldable smartphones. Mass production of these panels has improved their affordability.
Market Trends
Foldable smartphones are getting thinner and lighter with each new generation as manufacturers overcome technical challenges in panel design.
Dual-fold and tri-fold form factors may emerge in the future to accommodate even larger and more immersive screens.
5G compatibility is another trend as it enhances connectivity and supports advanced applications for foldable devices.
Market Opportunities
The mid-range price segment presents vast opportunities as affordable models can attract new customer segments.
Increased venture funding is encouraging new entrants to drive innovation in the foldable design space.
Applications optimized for large foldable screens and productivity uses can boost their adoption in businesses and offices.
Impact of COVID-19 on Foldable Smartphone Market Growth
The COVID-19 pandemic had a severe impact on the foldable smartphone market initially. As many countries imposed strict lockdowns and people were confined to their homes, demand for foldable smartphones decreased drastically due to reduced discretionary spending. Manufacturing and supply chain disruptions also affected market growth during 2020. However, as lockdowns eased from late 2020, the market started recovering gradually. Many smartphone manufacturers accelerated their plans to launch more affordable foldable models to boost sales in the post-pandemic environment. They also focused on e-commerce platforms to drive online sales. Moreover, with growing preference for large screen devices supporting work and study from home, demand for foldable smartphones offering tablet-like experience picked up. Going forward, further decline in prices combined with wider 5G availability is expected to support market growth. However, risks of subsequent COVID waves pose challenges. Continued digital innovations and new product launches by manufacturers will be key to sustaining the market’s momentum in various geographical regions in the forecast period.
The Asia Pacific region currently generates highest value for the foldable smartphone market due to presence of large consumer electronics markets like China and availability of affordable models. Manufacturers are also positioned here facilitating easy supply worldwide. North America follows Asia Pacific in market value led by US where early tech adoption is high. However, Europe is emerging as the fastest growing regional market thanks to increasing penetration of premium-priced foldable devices and growing preference for large-screen smartphones to support hybrid work culture. While market penetration remains low still in Latin America and Middle East & Africa, focus on digital transformation initiatives are likely to support future growth.
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