The latest report by market research firm Canalys, (via The Elec) brings some positive news for foldable smartphones. Notably, the report says that the foldable smartphone shipments are expected to surpass 30 million units in the next 2 years. This is some good news as Android smartphone shipments are on the decline.
Going by the forecast, the foldable smartphone shipment is expected to increase by 53% annually in the next 2 years. To give you some exact numbers, the shipment will grow from 8.9 million units last year (2021) to 31.85 million units in 2024.
Foldables accounted for 0.65% of the total shipments in 2021
Samsung should be given credit here. After ditching the Galaxy Note series last year, the company's foldables, i.e., the Galaxy Z Fold 3 and the Galaxy Z Flip 3, saw a huge surge in demand. This is because the company packed all the necessary features and produced foldable phones that successfully managed to win the trust of the masses to be used as a daily driver.
Moreover, going by last year's numbers, the global smartphone shipment in 2021 stood at 1.35 billion units, out of which, foldables accounted for 0.65%. This comes to 8.9 million units. If the 7% growth rate projected by Canalys continues, then the share of foldable smartphones will go up from 0.65% to 1.8% in 2024.
Smartphone customers are moving towards bigger-screen phones. This is because a phone that can be the best of both worlds, a regular phone, and a tab, add to the convenience. Samsung's new foldables, the Galaxy Z Flip 4 and the Z Fold 4, are expected to launch this year. Foldables from Huawei, OPPO, and Motorola are also expected to join the bandwagon.
However, Samsung is expected to reap the benefits of being one of the first manufacturers to launch foldable smartphones at scale. This first mover advantage will ensure that it continues to dominate this lucrative market.
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