Smartphone: How price may drive the foldable smartphone segment in 2024

At a time when global smartphone shipments are facing a decline, foldable models have registered a growth in the recent quarters. According to a report by Counterpoint Research, the global smartphone market showed a 9% decline in shipments during the second quarter of 2023 to reach 268 million units, whereas, the global foldable smartphone market increased 10% YoY in this quarter.
The report suggests that the smartphone market is expected to grow sideways due to the prolonged Russia-Ukraine war and the ongoing high global inflation. It also says that the foldable smartphone sector is showing signs of notable and sustained growth.
Foldable smartphone market in China
The foldable smartphone market in China has seen remarkable growth, the report said, adding that the recent economic challenges faced by the country reduced consumer spending. This reduced the overall Chinese smartphone market by 4% YoY to reach 61.9 million units during Q2 2023.
However, the Chinese foldable smartphone market reportedly saw significant growth. China’s foldable market grew by 64% YoY to reach 1.2 million units in this quarter. The country now commands the largest share of the global foldable smartphone market, with a 58.6% share, the report noted.
The report suggests that the rapid growth was driven by the introduction of foldable products which were designed specifically for the Chinese market. Apart from this, a strong demand for these products among Chinese consumers also helped the market.

In Q2 2023, the foldable market growth was driven by the introduction of smartphone models like – the Huawei Mate X3, Vivo X Fold 2, and Vivo X Flip, which were primarily targeted at the Chinese foldable market.
Additionally, the global (including China) launch of the Motorola Razr 40 and Razr 40 Ultra, also contributed to this growth trend. In this quarter, China saw the launch of five new foldable products tailored for its market, while the global market outside China only saw two foldable product launches during the same period.
Global smartphone market may see growth soon
The global foldable smartphone market is expected to go through notable changes in H2 2023. Chinese smartphone makers are likely to expand their presence internationally during this period.
Some of the notable releases that are expected in this period includes — the Honor Magic V2, Oppo Find N3 Flip and OnePlus’ first-ever foldable device, the Open.
Notably, Samsung’s Galaxy Z Fold 5 and Galaxy Z Flip 5, considered to be some of the major foldable offerings, were launched in August. These models are also expected to capture a substantial market share in H2 2023.