Samsung has changed the dynamics of the foldables space since it entered the segment with its Galaxy Fold and claimed most of the market. 2022 was the company's year as it secured the most shares, about 80 percent. Recently, the demand for foldable phones has seen an uproar, and the number of phones shipped is expected to go up to 17.7 million by 2024. With the growing competition, Samsung has to strive hard to secure its market position, as Huawei poses some serious threats given its rapid growth in recent times.
Samsung faces major competition as the foldable phone shipment surges significantly
Samsung has remained the leading choice for foldable devices, but with the intense competition looming and increased market penetration, this might change. Huawei took everyone by surprise when it left the South Korean giant behind in the first quarter of 2024 and became the top foldable manufacturer. If this was not alarming enough, the analysis by Trendforce also pointed out the significant drop in Samsung's market share, which accounts for a 10 percent decline YoY and now battling to stay at 50 percent.
Although the market infiltration of the foldable segment is quite small, marking only 1.5 percent of the overall smartphone industry, this might change drastically in some years. By 2028, the industry is expected to occupy almost 5 percent of the overall mobile sector. However, the foldable still remains a niche and seems to be toiling in comparison to the other types of phones.
The drop in Samsung's market position could be due to Huawei's rapid progress with its Pocket S in 2023. This helped the company move up from a 3 percent market share to 12 percent by Q1 2024. It even released 5G-enabled models, such as the Pocket 2 and Mate X5, with plans to go a step further by launching the world's first tri-fold phone sometime later this year. All the initiatives on the foldable front could have Huawei shaking the position Samsung has retained for a long time.
Other foldable companies such as Vivo, Oppo, and Xiamo have had snail-paced growth in the industry and have not even reached the 1 million unit benchmark. Motorola stood tall with its Razr 40 and Razr 40 Ultra by going beyond the mark and additionally securing 6 percent of the shares.
Speculations about Apple jumping on the foldable bandwagon have been circulating for quite some time. If this holds true and Apple does decide to step into the segment, it could have a drastic impact on the market and also cause Samsung to take a back seat in terms of market leadership.
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