[NEWS] : Foldable smartphone shipments to exceed 30 million in 2024

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Foldable smartphone shipments are forecast to increase by a CAGR of 53% between 2021 and 2024 to exceed 30 million in 2024, according to the latest Canalys forecasts. The segment is forecast to grow by a CAGR of 122% between 2019, the year the first foldable products launched, and 2024. Driven by Samsung, foldable smartphone shipments reached 8.9 million in 2021.

p-styletext-align-centerspan-stylefont-size18pxFoldable-smartphone

The foldable segment grew 148% year on year despite high price tags, while the overall smartphone market only grew 7%

“Foldable form factors present vital differentiation for vendors to stimulate smartphone sales. They are especially appealing to early adopters and high-end users,” said Toby Zhu, Canalys Analyst. “Android vendors are under big pressure in the premium segment, as shipments of US$800-plus smartphones have fallen 18% below the 2019 level while iOS shipments have grown 68% over the same time. Google and the major Android device vendors must double down on their investments in differentiated hardware and state-of-the-art user experiences to keep appealing to high-end customers.”

p-styletext-align-centerspan-stylefont-size18pxFoldable-smartphone

“Major smartphone vendors are getting ready to compete in the foldable category, which will become a vital part of their high-end strategies and corporate branding. We expect this year will see many new foldable device launches as vendors continue reducing thickness, weight and price, which will be vital for mass-market adoption. The leading players will start to flex their muscles in the ecosystem to leapfrog their competitors with advanced and differentiated experiences,” said Liu

My Opinion : I think, its a great time to see transformation of normal smartphone towards Foldable to capture the high end smartphone market, as Consumer needs more and more. As Google Android system is also now ready and compatible with Foldable with Android 12 and 13 with more focus on Folables along with HONOR has always been ahead of these innovation and ready to give these innovation to the hands of consumers. Hence, i feel, HONOR is on right track to capture a big market of foldables starting with HONOR Magic V :)

What do you think?

Source : Canalys