The number of foldable smartphones shipped globally is predicted to increase 52 per cent year-over-year in FY2023 to 22.7 million units, according to Counterpoint Research
At this moment, the global foldable smartphone market is being dominated by Samsung with its Flip and Fold devices. Based on numerous rumours and leaks, big tech giants like Apple and Google will also debut their Foldables by 2024.
Based on the research findings, the main drivers in 2023 will be Samsung and Chinese original equipment manufacturers (OEMs) like Huawei and Oppo, aiming to establish themselves, particularly in Europe and China.
As of now, Samsung will keep dominating the market. According to the research, HONOR, Motorola, and Xiaomi are anticipated to make serious forays into the foldable smartphone market outside of China.
Global shipments of foldable devices will total 14.9 million units in FY 2022. Total shipments from Q1 through Q3 2022 increased by 90% year over year to 9.5 million units.
However, due to global inflation and the economic slump, the rise of foldable smartphone shipments is anticipated slowed down in Q4 2022. In 2023, there will likely be greater rivalry in the global foldable market as more Chinese OEMs are anticipated to enter the market.
In the meantime, more foldable products are anticipated from Huawei, OPPO, and Vivo in 2023.Park claims that although Apple is still not included in our near-term projections, they are known for taking their time.
“In 2023, competition is set to intensify in the global foldable smartphone market as the number of participating OEMs will increase,” said Senior Analyst Jene Park.