The foldable mobile phone market is expected to expand again in 2024, with shipments estimated at 25.2 million units

News on September 13, the folding mobile phone market is experiencing impressive growth. According to the latest research data from TrendForce, shipments of foldable mobile phones are expected to reach approximately 18.3 million units in 2023, an increase of 43% from last year. Although this number only accounts for 16% of this year's smartphone market, the foldable phone market is still expanding rapidly. Looking forward to 2024, the foldable mobile phone market will continue to grow, with shipments expected to increase again by 38% to approximately 25.2 million units, and the market share will slightly expand to 2.2%.

According to my understanding, the expansion of the folding mobile phone market mainly benefits from the reduction of component costs and the active layout of Chinese brands. In terms of components, if the cost of panels and hinges can continue to fall, the retail price of foldable phones is expected to stabilize below $1,000 in the future, thus attracting more consumers. In the medium to long term, the continued expansion of the foldable mobile phone market is an inevitable trend. It is estimated that by 2027, the shipment volume of foldable mobile phones may reach 70 million units, accounting for about 5% of the smartphone market.

In the brand In terms of competition, Samsung remains the leader in the foldable phone market, but its market share has dropped from 82% in 2022 to 68%. Shipments are expected to grow to 12.5 million units this year. This is mainly due to the rapid increase in the number of foldable phones from other Chinese brands. Huawei ranks second and is expected to ship approximately 2.5 million foldable mobile phones this year, with a market share of approximately 14%. Followed by OPPO and Xiaomi, with market shares of 5% and 4% respectively. The market shares of other brands are all below 4%

It is worth mentioning that Apple has always attracted much attention. So far, Apple’s interest in foldable phones has been relatively low, which has had a certain negative impact on the growth of the foldable phone market. However, Apple has always focused on the user experience of its products and may wait for folding phones to further mature in terms of panel flatness and hinge design. However, for medium- and large-sized products, it is relatively easy to keep the folding panel flat, so it is not ruled out that Apple may directly enter the medium-sized folding laptop or tablet computer market in the future. Competition in the foldable phone market will continue to be fierce, and consumers can expect more innovative and diverse product choices

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