By 2027, one in 20 smartphones will be foldable – by then they will become more affordable

By the end of 2023, the share of foldable models in the smartphone market could reach 1.6% and exceed 5% by 2027, reports the analysis company TrendForce. This year, shipments of such devices are expected to increase by 43% to 18.3 million units compared to last year. The main driver of growth is reducing component costs.

Image source: Samsung

The analysis company TrendForce predicts steady growth in the foldable smartphone market in the coming years. According to them, the supply of such devices is expected to increase in 2023 and their share will grow to 1.6% of the entire smartphone market. In 2024, the share of foldable smartphones could rise to 2.2%, which in absolute numbers will amount to 25.2 million devices.

One of the main factors driving the growth of foldable smartphone sales is the falling cost of components, particularly foldable panels and hinges. TrendForce believes that foldable phone prices could fall below the $1,000 threshold in the near future, which will certainly pique consumer interest.

This year, Samsung continues to lead the foldable smartphone market and plans to ship 12.5 million such devices. However, due to the active offensive of Chinese competitors, the company’s share fell from 82% to 68% in 2022. Huawei is in second place with a market share of 14% and expected shipments of around 2.5 million devices. They are followed by OPPO and Xiaomi with shares of 5% and 4% respectively.

The pandemic has also left its mark on market dynamics. Chinese brands hit by the economic fallout from the pandemic have so far focused on the domestic market and avoided aggressive expansion abroad. However, if they change their strategy, they can significantly accelerate the growth of the foldable smartphone market.

Apple is staying away from developing its own foldable smartphones for now, perhaps out of a desire to ensure a seamless user experience. Issues related to panel and hinge development could delay Apple’s debut in this dynamic market segment. Time will tell if the tech giant can revolutionize the market again, this time with foldable devices.