According to a recent report by Counterpoint Research, the global foldable smartphone market experienced an impressive 64% year-on-year growth in the first quarter of 2023. Despite a 14.2% decline in the overall global smartphone market during the same period, the foldable segment managed to reach a significant milestone of 2.5 million units sold. This exceptional growth highlights the increasing popularity and demand for foldable devices among consumers worldwide.
The robust expansion of the global foldable smartphone market was primarily fueled by the rapid growth of the Chinese foldable market. China witnessed the introduction of new foldable products, including the highly-anticipated OPPO N2 and N2 Flip, which garnered significant attention and generated substantial market interest. Chinese consumers, in particular, have exhibited a higher level of familiarity and enthusiasm towards foldable products compared to other regions. Analyst Woojin Son explained that the continuous release of these innovative devices during grand launch events has significantly contributed to the growing acceptance and adoption of foldable smartphones in China.
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Samsung, on the other hand, focused on targeting the Chinese market by launching the W23 and W23 Flip devices. These variants, derived from their flagship models Z Fold 4 and Z Flip 4, were specifically tailored for the Chinese and MEA markets. As a result, Samsung experienced rapid growth in the Chinese foldable market during Q1 2023.
While the future of the foldable market appears promising, Counterpoint Research predicts intensified competition among original equipment manufacturers (OEMs) in 2023. OEMs are expected to pursue aggressive target market expansion, engage in price competition, and launch various clamshell-type foldable smartphones to drive sales volume. Regarding Apple's entry into the foldable market, Senior Analyst Jene Park stated that it is not expected in the short term. However, as consumer response to foldable phones improves and Apple potentially releases non-phone foldable products shortly, Park anticipates that Apple's participation in the foldable smartphone market will likely occur after 2025.
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Overall, the global foldable smartphone market experienced remarkable growth in Q1 2023, defying the overall decline in the smartphone market. This growth was primarily driven by the Chinese market, where OPPO and Samsung made significant strides. Looking ahead, increased competition among OEMs is expected, while the timing of Apple's entry into the foldable market remains uncertain.
Inputs from IANS
