Samsung has been the world's biggest foldable smartphone brand for years, and it held on to its number one position in Q3 2023. According to a new report from DSCC, the foldable smartphone market had a bumper quarter in the July-September period, thanks to the launch of the Galaxy Z Flip 5 and the Galaxy Z Fold 5. However, Samsung sales are forecasted to fall in the fourth quarter, following new launches from the competition.
Samsung's foldable smartphone market share was 72% in Q3 2023, but it could drop to just 42% in Q4 2023
Samsung had a market share of around 72% in the third quarter of this year, but it is forecasted to fall to around just 42% in the fourth quarter. The reason for this fall is the launch of newer and better-specced foldable phones from rival brands. Overall, 7 million foldable smartphones were shipped in the third quarter of this year, which is a 215% rise compared to the previous quarter and 16% higher compared to the third quarter of last year. Huawei ranked second with a 9% market share, while Honor ranked third with a market share of 8%.
The Galaxy Z Flip 5 was the best-selling foldable smartphone in Q3 2023, achieving a market share of 45%. The Galaxy Z Fold 5 had a 24% market share during the same quarter. The Huawei Mate X3 and the Honor Magic V2 were the third and fourth best-selling smartphones, each with a 6% market share. However, the sales of Samsung's foldable smartphones are expected to fall to just 42%, which is well below last year's figures of 82%.
For the complete year of 2023, the total sales of foldable smartphones are expected to reach 15.8 million units, which is a rise of 23% compared to last year. Huawei and Honor are expected to reach a market share of 21% and 19%, respectively, in the last quarter of this year. The Galaxy Z Flip 5's market share is expected to drop to 22%, while the market share of the Huawei Mate X5 is expected to reach 15%. The Honor Magic V2 could be the third best-selling foldable phone of Q4 2022, while the Galaxy Z Fold 5 is expected to drop to the fourth position in the ranking, with a 12% market share. The Galaxy Z Flip 4 is expected to rank fifth on the list of best-selling phones this year.
BOE could overtake Samsung Display as the biggest foldable OLED maker in the world
Samsung Display provides foldable OLED panels for many foldable phones, and it had a dominating position in the years past. However, its market share is now declining as Chinese OLED panel makers have improved their market share. Foldable OLED panels from Chinese firms like BOE and CSOT now offer advanced features like LTPO (Low-Temperature Polycrystalline Oxide), POL-LESS (Polarizer-Less), and UTG (Ultra Thin Glass), which were earlier only available on OLED panels from Samsung Display.
In fact, in the fourth quarter of this year, Samsung Display's foldable OLED market share is expected to drop from 75% to just 35%. Chinese firm BOE is expected to surpass Samsung Display in Q4 2023 with a market share of over 45%. That would be a huge blow to Samsung Display, which is considered the pioneer in the mobile OLED segment. Samsung needs to either drop its prices or bring new innovations to attract more clients and sales.
