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.

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.