The global foldable smartphone market experienced a 64% year-over-year increase in shipments during the first quarter of 2023, reaching a total of 2.5 million units. This growth is particularly noteworthy considering the 14.2% decline in the overall global smartphone market during the same period.
According to the Counterpoint Research Foldable Tracker and Foldable Insight Report, major regions worldwide witnessed robust growth in the foldable smartphone markets during Q1 2023.
What drove the global foldable smartphone market?
The report attributes the strong growth in the global foldable market to the expansion of the Chinese foldable market. Despite an 8% decline in the overall Chinese smartphone market during Q1 2023, the foldable market experienced a significant surge of 117% year-over-year, totaling 1.08 million units.
According to research analyst Woojin Son, the release of foldable products like the OPPO N2 and Oppo N2 Flip smartphones continuously generated excitement in the market. “Consequently, Chinese consumers have become more familiar with foldable products compared to other regions,” said Son.
In the Chinese foldable market, both Samsung and Oppo had a strong performance in Q1 2023. Huawei and Oppo led the market with a 27% market share each, closely followed by Samsung with a 26% share. Oppo’s success can be attributed to the N2 Flip and N2 smartphones, while Samsung captured the market with the W23 and W23 Flip, which are variations of the Galaxy Z Fold 4 and Galaxy Z Flip 4, respectively.
What’s next?
Senior analyst Jene Park predicts intensified product and price competition among OEMs in the global foldable market in 2023, driven by increased aggressiveness. Park also expects a rise in sales volume for clamshell-type foldable smartphones through various product launches.
Will Apple enter the foldable smartphone fray?
According to Park, Apple is not included in short-term forecasts. However, with the growing positive response to foldable phones and Apple’s potential release of non-phone foldable products, there is a likelihood of the brand entering the foldable smartphone market after 2025.
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