Foldable Smartphone Market Sees Slowed Growth in China
Despite being poised to dominate the global handset market in 2024, China’s foldable smartphone shipments are experiencing a significant slowdown this year. According to Counterpoint Research, the country’s foldable handset shipments are expected to reach 9.1 million units in 2024, a mere 2% increase from 2023.
A Stark Contrast to Previous Years
This modest growth is a far cry from the triple-digit annual percentage growth rates seen in previous years. In 2023, the growth rate was 103%, while in 2022 it was 191%, and a staggering 442% in 2020.
Global Demand Takes a Hit
The slowdown in China’s foldable smartphone market is reflective of a broader global trend. Worldwide, foldable handset shipments saw a 1% year-on-year decline in the three months ended September, marking the first-ever third-quarter decline in the segment’s history.
Samsung’s Underwhelming Performance
The decline is largely attributed to Samsung Electronics’ “relatively underwhelming performance” with its Galaxy Z Flip 6 and Fold 6 models. However, Counterpoint senior analyst Jene Park remains optimistic, stating that if manufacturers focus on improving price accessibility, technological reliability, and consumer perceptions, the segment can overcome its current challenges.
Innovative Use Cases Key to Broader Adoption
To attract more consumers and foster broader adoption, innovative and more compelling use cases will be essential. This could involve developing new features and applications that showcase the unique benefits of foldable smartphones.
China Remains a Bright Spot
Despite the slowdown, China’s foldable handset segment remains a bright spot in the country’s saturated smartphone market. Huawei Technologies, in particular, continues to dominate the market, accounting for around half of the total domestic shipments.
Huawei’s Trifold Smartphone Launch
Huawei’s recent launch of the Mate XT, the world’s first trifold smartphone, is expected to help cement the company’s leading position in this segment. The new Mate X6, launched in November, is also expected to contribute to Huawei’s growth in the foldable smartphone market.
High-End Foldable Handsets
In the third quarter, Huawei accounted for 85% of high-end foldable handsets – models priced above 10,000 yuan (US$1,370) – on the mainland. This demonstrates the company’s strong presence in the premium segment of the foldable smartphone market.
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