A new report from TrendForce suggests that foldable smartphone shipments are up by 25% year on year. In numbers, smartphone companies have managed to sell a whopping 15.9 million foldable smartphones in 2023, which is a 25% increase from 2022. And as you may have guessed, Samsung is at the center of it.
Despite losing market share, Samsung is still the king of foldable phones, with the overall foldable market flourishing
If that is not exciting enough for you, then there is another increase that is expected this year. The source claims that the foldable smartphone shipments could grow to 17.7 million units by the end of this year, which would mean that there is an additional 11% growth. However, this is just a projection, given we are still at the start of 2024 and things could drastically change going forward. Nevertheless, Samsung will come out with three foldable phones this year, including a more affordable version of the Galaxy Z Fold 6. Plus, we will see a lot more foldable phones from other companies, so of course, it is an exciting time if you are a foldable user.
The one thing to note here is that the market expectations would place the growth higher, but the source claims that customer retention is currently low because of some build quality issues people have faced with older-generation foldable phones. Due to that, people do not have as much faith as these companies would have hoped. Thankfully, companies like Samsung are always on the lookout to improve their foldable devices, and this year's Galaxy Z Fold 6 is said to have a titanium build, which should add to customer faith.
Another reason why the growth is still not as high is the price. Most foldable phones cost more than $1,500, which is a lot of money to spend on a phone that has not completely matured. In such a situation, users tend to go for more affordable, tried and tested, candy-bar-style phones as they have worked fine for them. Again, with the low-cost Galaxy Z Fold 6 from Samsung and other more affordable foldable phones, this could change.
Despite leading the market, Samsung's foldable share has seen a drastic drop. The company had an 80% market share back in 2022, which then went to 66.4% in 2023 and is currently at 60.4%. Here is hoping that the South Korean tech giant manages to jump back and catch the larger piece of the pie heading forward.
News Source: TrendForce
About the author: I have been tinkering with Android devices ever since the early days of the HTC Desire. Over time, I have grown a fondness for the ecosystem and now I cannot live without it. Although some might believe that I have sold my soul to Android, but I believe it is not the case. You can find me writing tutorials and posting guides on a number of different smartphones. When I am not writing here, I am wasting myself away in books, journals, or on Steam.
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