Foldable Smartphone Market Size (2024 – 2030)

The Global Foldable Smartphone Market was valued at USD 24.52 billion in 2023. Over the forecast period of 2024-2030, it is projected to reach USD 100.06 billion by 2030, growing at a CAGR of 22.25%.

The Concepts of such devices are back early as Nokia's "Morph" in 2008, and it was presented by Samsung Electronics in 2013 (as part of utilizing flexible OLED displays). Some devices may fold out on a vertical axis into a wider, like tablet form, but are still used in a smaller, folded state. The display may either wrap around to the back of the device when folded like Royole FlexPai and Huawei Mate X or use a booklet which is designed as the larger, folded screen is located on the interior, and a screen on its cover allows the user to interact with the device without opening it like Samsung Galaxy Fold series.

A foldable smartphone has a special display that can be folded in half.  Customers are attracted by combining the features of a large-screen tablet form with the advanced & and flexibility of smartphones. Samsung and Huawei, are well-known companies that lead the way for this new technology.

Key Market Insights:

Foldable smartphones use flexible, plastic OLED displays rather than glass like Corning's Gorilla Glass product, which is used in the majority of smartphones. Plastic displays are capable of sustaining the requirement of which bend radius for a foldable smartphone, but they are more vulnerable to blemishes and scratches than traditional glass smartphone displays. Although Corning does produce a flexible glass product which is known as Willow Glass, the company said that during the manufacturing salt solution is used in the process— which makes it unsuitable for electronic displays because the salt can damage the transistors used in OLED panels.

Increase in the demand for advanced electronics and a growing number of internet users, the growth of the foldable smartphone market is boosted. Additionally, the rising demand for Phablet positively impacts the growth of the foldable smartphone market. However, the high cost of advanced technology and manufacturing complexity of foldable displays are restricted in the growth of the foldable smartphone market. On the other hand, expanding the product portfolio of smartphone vendors is expected to offer remunerative opportunities for the expansion of the foldable smartphone market during the forecast period.

Foldable Smartphone Market Drivers:

The Growing Number of Internet Users is fueling market growth.

As the world moves toward advanced Technologies, the Internet is exploring and offering more to people around the world. With the Internet all across the world, people buy and make videos to show people what the product is and its use. This leads to people wanting to buy and use the same product as with a Foldable smartphone. Many celebrities and people have bought foldable smart, which can lead to fans buying them too. The Internet plays an important role in the marketing of foldable smartphones.

Increase in the Production of OLED Displays and Advancements in Smartphones is boosting market demand.

OLED Display is used majorly in the production of foldable smartphones. Many companies are trying to produce more and more products due to trends and advanced technologies. Not only do foldable smartphones have advanced technology, but they are stylish also. They can be converted into tablets as they have a big screen which customers can use for many reasons. Now people don’t have to buy Tablets as they can use these Foldable smartphones. These foldable smartphones have multiple features that attract people to buy them.

Advanced Technology is also one of the features that increase the foldable smartphone market. With growing competition, many companies are trying to offer more advanced features in their products. Many updated or latest versions are being introduced to maintain their position in the market.

Foldable Smartphone Market Restraints and Challenges:

It is difficult to manufacture foldable displays as advanced technologies are being used. As there are still many things that need to be improved, R&D needs to focus on different segments. How can they improve their product? What more features could they provide to their customers to maintain their position in the business? As they have to maintain their position in the market. For that, they need to focus on other things rather than manufacture a foldable display.

With such modern Technologies present in the phone, the cost of the foldable smartphone will be high. The pricing of this foldable smartphone is high compared to other smartphones. If your foldable smartphone is damaged, it will cost a lot to repair as compared to other smartphones. Earlier people had a habit of using big long phones in hand but with foldable smartphones, they get half as much as the other phone. If you are not careful, you can damage the smartphone and it will cost a lot. Thinking of all these factors, is it still worth investing so much money in a foldable smartphone?

FOLDABLE SMARTPHONE MARKET REPORT COVERAGE:

Foldable Smartphone Market Segmentation: By Panel Type

• Flip

• Fold

In the Panel Type segment, the Flip segment holds the largest share of the foldable smartphone market. As compared to foldable smartphone type it costs low than compared with fold smartphones which makes it much more affordable. However, the fold segment is expected to grow in the future. Due to demand in modern electronic consumers and facilities fold type provide like tablet forms which can be easily used for work like reading documents, editing, etc., and also as entertainment and gaming. Flip Foldable smartphones can provide extra facilities than Flip foldable smartphones with large screen displays.

Foldable Smartphone Market segmentation: By Sales Channel

• Offline

• Online

After COVID-19 people have mostly shifted toward the online segment as it is convenient, and many offers and discounts are available. Consumers can buy and deliver the product from anywhere. Without any hassle. But in Offline segments like stores, you can hardly get any discounts and with all your busy schedules you have to visit the store and decide whether you like the product or not.

Foldable Smartphone Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

Asia-Pacific region is the largest market in the foldable smartphone market as the top players like Samsung, and Xiaomi Corporation are from China. China is expected to grow a CAGR of 22.1% in 2023. China is among the major manufacturers of the electronic consumer in the world. With advanced technologies in the manufacture, the sales of foldable smartphones have increased. On the other hand, India is expected to grow significantly throughout the forecasted period. In 2018, Samsung inaugurated the world's largest mobile factory in Noida, India. Samsung India also launched “Make for the World”, where mobile handsets produced in India can be exported overseas. The North American region is expected to grow faster in the forecast period. The United States accounts to grow 18% of the market.

COVID-19 Pandemic: Impact Analysis

Covid-19 has a mixed impact on the Foldable smartphone market. During the pandemic, manufacture and import-export of material were at a halt for a few months. COVID-19 has also affected the pricing of the product as extra safety measures and procedures were taken during the manufacture of the product. But there is also a positive impact of the covid-19, many companies had the opportunity to improve their product during those intervals of time. They could invest that time in R&D and introduce a better and more advanced product.

Latest Trends/ Developments:

With new technologies and Trends, the market of foldable smartphones has increased. Manufacturers can produce more advanced and durable products as compared to the previous versions. More Advanced Technology can bring improvement in the product and can bring a better version to the foldable smartphone market which leads to the growth of the market.

Key Players:

These are the top 10 players in the Foldable Smartphone Market: -

1. Samsung

2. AsusTek Computer Inc.

3. LG Electronics Inc.

4. vivo Mobile Pvt Ltd

5. Royole Corporation

6. Huawei Technologies Co., Ltd.

7. Microsoft Corporation

8. Motorola Mobility LLC

9. ZTE Corporation

10. Xiaomi Corporation

• In 2020, Huawei announced the Mate Xs (a revised version of the original Mate X), and the product was in the global market. Features were a more durable display, improved function, and redesigned cooling system. In the same year, Samsung revealed the Samsung Galaxy Z Fold 2.
• In 2021, many companies released new products in the market like Huawei Mate X2, and Xiaomi announced the Xiaomi MIX Fold. Samsung released two new products Samsung Galaxy Z Fold 3 and Samsung Galaxy Z Flip 3. Later at the end of the year, OPPO announced OPPO Find N.
• In 2022, Vivo X-Fold was released. Xiaomi and Samsung also released new products in the market. The products were Xiaomi MIX Fold 2, Samsung Galaxy Z Fold 4, and Samsung Galaxy Z Flip 4 (Galaxy Unpacked edition). Later that year Galaxy Z Fold 4 and Galaxy Z Flip 4 were released. Moto Razr was also launched the same year, but it was available only in the Chinese market. Later in 2023, the new Razr and Razr+ were announced by Motorola Mobility to the U.S. market.