FOLDABLE SMARTPHONE MARKET ANALYSIS

Foldable Smartphone Market Size and Trends

Global foldable smartphone market is estimated to be valued at US$ 23.89 Bn in 2024 and is expected to reach US$ 84.72 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 19.8% from 2024 to 2031.

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Major market players are investing heavily in R&D to drive innovation and adoption. Global foldable smartphone market is witnessing strong growth due to technological advancements and declining prices of devices. Foldable designs are becoming sleeker and more durable with advancements in display materials. New form factors beyond traditional clamshell and book designs are being explored. 5G connectivity unlocks new use cases for foldable screens and boosts demand for large, immersive display experiences.

Flexible Display Technology

The emergence of flexible display technology has enabled manufacturers to introduce foldable smartphone designs that provide more screen real estate when needed. Previous smartphone form factors were confined by the physical limitations of rigid glass screens, but advancements in materials science have made it possible to create displays that can bend and fold without damage. Currently available options like Samsung's Galaxy Fold and Huawei's Mate X offer large tablet-sized screens that fold in half, doubling as conventional touchscreen phones when closed. This flexible functionality allows for enhanced multimedia experiences and multitasking capabilities in a highly portable package. Flexible OLED panels in particular have driven much of the innovation, with their thin, lightweight properties making them well-suited for foldable designs. Advancement in technology can reduce costs, thus,  more manufacturers will introduce competing foldable models in different price tiers. The adaptability of foldable screens meets the demands of power users who require a device that can transform to suit different usage scenarios, offering a unique and versatile experience.

For instance, in August 2022, Xiaomi, a Chinese multinational technology company that designs and manufactures consumer electronics and related software, home appliances, automobiles, and household hardware launched the MIX Fold 2, featuring a foldable smartphone design. The device is powered by Qualcomm Snapdragon 8+ Gen 1 chipset, which is also used in the Samsung Galaxy Z Fold4 and Z Flip4. The MIX Fold 2 boasts a unique design, with a thickness of 5.4 mm when unfolded and 11.2 mm when folded. The phone's micro waterdrop hinge was developed by Xiaomi, thus, showcasing the company's innovative approach to foldable technology.

Market Concentration and Competitive Landscape

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Dual Screen Designs

Besides true foldable smartphones, some companies are exploring innovative design concepts that expand screen real estate through dual display implementations, offering alternative ways to enhance user experience and functionality. Devices like LG's Velvet Dual Screen and Microsoft's Surface Duo employ two separate screens joined together by a hinge. While not as sleek as foldable designs, these offer many of the same multitasking benefits through their ability to showcase multiple app windows simultaneously. Dual screen phones are also generally more affordable to produce as these do not require advanced flexible display technologies. For some users, having discrete screens instead of a continuous foldable panel may be preferable, as it avoids potential concerns over the lifespan and fragility of bendable panels. By offering greater versatility than single display smartphones, dual screen models could appeal to power users, content creators and mobile professionals seeking to maximize productivity onthego. Their bifurcated designs distinguish them from conventional slabs, fulfilling a need for alternative form factors beyond the standard smartphone paradigm. As dual display implementations leverage more conventional components, their maturation may precede the widespread adoption of true foldable screens, potentially priming the market and stimulating broader interest in innovative screen technologies across the industry.

Key Takeaways from Analyst:

Global foldable smartphone market growth is driven by technological advancements and consumer appetite for novel form factors. Major smartphone brands are aggressively working on making foldable devices more durable and affordable to attract mainstream customers. Wide-scale adoption of these devices depend on device reliability and durability being at par with conventional smartphones.

Asia Pacific, particularly China, is expected to dominate initial sales of foldable smartphones due to higher acceptance of cutting-edge technologies among consumers in the region.

The global foldable smartphone market is expected to experience significant growth in 2024, driven by the introduction of entry-level products from Samsung and Huawei. This growth is expected to be fueled by increased competition among manufacturers, including Chinese companies like OPPO and Honor, which will drive down prices and make foldable phones more accessible to consumers.

Market Challenges: High manufacturing cost

High manufacturing cost of foldable smartphones can hamper the global foldable smartphone market growth. Foldable smartphones are equipped with flexible OLED displays that use advanced technology and materials, which makes their production a complex and expensive process as compared to regular smartphones. Manufacturing flexible OLED panels require high precision machinery and fabrication facilities that can create ultra-thin panels without defects, which drives up capital expenditure significantly.

Market Opportunities: Penetration in untapped markets

Penetration in untapped markets can offer opportunities for global foldable smartphone market growth.  In Latin America, Africa, the Middle East, and South Asia, foldable smartphones is not popular yet. As infrastructure and capabilities continue developing in these areas, more consumers will be able to access and afford innovative form factors like foldable devices.

Foldable smartphones offer a unique combination of portability and expanded usability, making them an attractive option for consumers in markets that are increasingly adopting advanced technologies. As the affordability of these devices increases through competition and more accessible price points, foldable smartphones may appeal to previously untapped consumer segments, particularly in emerging regions. Manufacturers that strategically target these regions can capture early adopters and build lasting brand loyalty.

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Insights By Functionality Type, Inward Fold segment dominates due to convenience

Among functionality type, inward fold segment is estimated to contribute the highest market share of 57.3% in 2024. Devices that fold inward are generally more protective of the display as it folds into the interior of the device rather than exposing it outward. This makes inward folding smartphones more durable and less prone to cracks or scratches when folded. The inward design also offers a more compact form factor that takes up less pocket space when folded. This portability makes inward folding phones highly suitable for travelers and professionals who are constantly on-the-go.

The protective quality of inward folding attracts consumers concerned about display damage. Device makers have also focused heavily on refining the hinge and locking mechanisms for inward folding phones to feel sturdy and provide the impression of a premium product. Hinges have become increasingly resilient to withstand thousands of open-and-close cycles without flexing.

Insights By Sales Channels, The online sales channel dominates the global foldable smartphone market, driven by the growth and expansion of e-commerce platforms.

By sales channel, online segment is estimated to contribute the highest market share of 63.9% in 2024, due to the newness of foldable technology and consumers' tendency to research new devices online first before making purchasing decisions. Some of the leading foldable phone brands strategically focus their initial launches online to generate buzz among tech enthusiasts. The dominance of online sales channels helps build awareness and reviews for foldable smartphones, which can then instill confidence among mainstream consumers and encourage them to consider adopting these innovative devices in the future.

Online retail provides a convenient way for consumers to easily compare foldable phone models, specifications, reviews and price points all in one place. This level of research ability and transparency plays to the sophistication of early foldable phone adopters. It also allows brands to promote pre-order deals and launch exclusives that incentivize purchases through their own websites or affiliate online channels. Due to advancements in technology, more options will become available in brick-and-mortar stores as well.

New form factors often require time for mass consumers to fully understand and adopt. However, innovative digital marketing strategies can accelerate this process by leveraging user-generated content and social media cult followings. The combination of captivating technology and the wealth of information available through online retail channels will likely continue driving the growth of new form factors by engaging consumers and providing them with the necessary information to make informed purchasing decisions.

Regional Insights

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Asia Pacific region, particularly China, currently dominates the global foldable smartphone market with estimated market share of 54.7% in 2024. Increasing number of domestic Chinese brands such as Huawei, Oppo and Vivo are investing in  foldable smartphone research. This has allowed these brands to rapidly launch affordable mass market models, unlike the expensive niche devices previously only offered by Samsung. The intensely competitive smartphone landscape in China is encouraging constant innovation among domestic players. These manufacturers view foldable devices as a key opportunity to gain an edge over their rivals and differentiate their product offerings. Chinese manufacturers deal directly with local carriers and distribution channels, allowing them to efficiently meet the demand levels in the huge China market through aggressive pricing and promotions of their foldable lineups.

North America region is poised to be the fastest growing market for foldable smartphones. Major technology companies such as Samsung, Motorola and Google have established strong research and development centers as well as manufacturing facilities in countries like the U.S. This allows these companies to closely monitor market trends and design foldable smartphones as per the preferences of North American consumers. Rising disposable incomes in the region translates to a willingness to pay premium prices for innovative new form factors like foldable screens. Carriers also actively promote new device launches through subsidies and installment plans, making the latest foldable phones affordable and driving sales volumes.

Market Report Scope

Foldable Smartphone Industry News

• Motorola's Adaptive Display concept phone, showcased at MWC 2024, revolutionizes the foldable phone landscape by offering unparalleled versatility and adaptability. Unlike traditional foldable phones that merely fold in half, the Adaptive Display can bend into various forms to cater to diverse user needs. Its most striking feature is the ability to wrap around the wrist, transforming into a 6.9-inch smartwatch.
• OPPO, the world's leading smart device brand, has recently launched its innovative Find N3 and Find N3 Flip foldable smartphones globally, offering groundbreaking experiences in imaging, design, and usability. These devices are designed to exceed consumer expectations by providing premium features and capabilities that redefine the foldable smartphone experience.
• Google introduced its first foldable phone in November 2022, and it is scheduled to launch alongside the Pixel tablet in 2023. The foldable device, priced at $1,799 (approximately ₹1.5 lakh), features two 9.5MP front cameras. The outer screen has a hole punch cutout for the first camera, while the second camera is visible in the top right corner of the inner screen bezel. The device also includes a triple-rear camera module, which can be attached to the camera strap when purchased.
• In April 2021, TCL showcased two groundbreaking foldable smartphone concepts: the Fold 'n Roll and the Tri-Fold. The Fold 'n Roll transforms a 6.87-inch phone into a 10-inch tablet by leveraging a folding hinge and extendable mechanism, offering users a versatile form factor. This device can expand from a standard phone to a larger tablet, providing users with a unique and adaptable experience. The Tri-Fold, in contrast, employs two hinges to create a distinct foldable design that can reach up to 10 inches in tablet form, catering to a specific user group and demonstrating TCL's dedication to pushing the boundaries of foldable technology.

*Definition: Global Foldable Smartphone Market caters to smartphones that have a flexible display which allows the device's screen to bend and fold, increasing its screen size. These innovative phones can transform from a smartphone into a small tablet by unfolding the device. Major brands like Samsung, Huawei, and Motorola have launched foldable phones in this burgeoning market. With flexible AMOLED displays and dynamic form factors, foldable smartphones promise enhanced screen real estate and portability. However, their high prices and early adoption risks remain.

Market Segmentation

• Functionality Type Insights (Revenue, US$ Bn, 2019 - 2031)
  • Inward Fold
  • Outward Fold
•  Sales Channel Insights (Revenue, US$ Bn, 2019 - 2031)
  • Online
  • Offline
• Regional Insights (Revenue, US$ Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • South Africa
    • Rest of Middle East & Africa
• Key Players Insights
  • Samsung Electronics Co., Ltd.
  • Huawei Technologies Co., Ltd.
  • TCL Communication Technology Holdings Limited
  • Xiaomi Corporation
  • OPPO Electronics Corporation
  • Lenovo Group Ltd.
  • Royole Corporation
  • ZTE Corporation
  • Microsoft Corporation
  • Motorola Mobility LLC
  • Kyocera Corporation
  • AsusTek Computer Inc.
  • Energizer Holdings, Inc.
  • Tecno Mobile Limited
  • DOOV (Shenzhen Doov Technology Co., Ltd.)
  • HP Inc.
  • Google LLC
  • Apple Inc.
  • Meizu Technology Co., Ltd.
  • Nubia Technology Co., Ltd.