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Foldable smartphones have been on the rise, and it seems like they’ll grab 5% of global market share by 2027. That is, at least, what TrendForce is saying will happen. The company posted its forecast for the next 5 years.
Foldable smartphones are expected to grab 5% of the market by 2027
By the end of 2023, the shipments are expected to reach 18.3 million units. In other words, 1.6% of the market will be reserved for foldables. That will, however, grow to 70 million by 2027, which will be the equivalent of 5% of the market.
What about the years in between? Well, we do have info for 2024 too. In 2024, the shipments are expected to reach 25.2 million, which will represent a 38% growth. The market share for foldable should be around 2.2% next year.
Why are we seeing this increase? Well, consumers are more and more interested in foldables, and as the prices go down, more and more of them will make the leap. Costs for manufacturing will be reduced, which will affect prices, of course.
More and more foldable phones are coming to the market
We’re also seeing more and more foldable smartphones in the market, and the competition is good for both product quality and pricing. More and more Chinese OEMs are joining the global foldable smartphone market.
TrendForce says that Samsung is still a force to be reckoned with, globally. The company is expected to sell 12.5 million foldables this year, and take two-thirds of the market. That will be a decline from last year, when it held 82% of the market. That is to be expected due to increased competition.
Huawei is projected to take 14% of the market, OPPO 5%, and Xiaomi 4% of the foldable smartphone market. All in all, considerable growth for the foldable smartphone market is expected in the coming years, which is not surprising.