Foldable Smartphone Market is Estimated to Witness High Growth Owing to Expanding Consumer Base for Premium Luxury Mobiles

Foldable Smartphone Market



Foldable Smartphones are transforming the handheld device industry with its innovative flexible display technology that can be folded or unfolded, depending on the user's preference. These smartphones combine the functionality of a tablet as well as smartphone which deliver an immersive viewing experience and an ergonomic grip. Their flexible AMOLED displays allow the devices to transform into bigger screens on demand while also providing convenient portability like regular smartphones. The growing demand for multi-purpose devices with premium features is fueling the adoption of these sophisticated handheld devices.

The global foldable smartphone market is estimated to be valued at US$ 22.95 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The expanding consumer base for premium and luxury smartphones across major economies represents a key opportunity for Foldable Smartphones market players. As high-income consumers increasingly opt for cutting-edge technology devices with unique selling propositions, demand for premium mobiles like Foldable Smartphones is seen growing substantially device manufacturers are focusing on sophisticated design and seamless user experience to gain a strong footing in this niche luxury segment. If brand marketers effectively highlight the premier attributes and immersive experience offered by these innovative devices, they can attract more premium customer base going forward. Tapngthis expanding market of brand-conscious customers adopting latest technology would help drive higher adoption of Foldable Smartphones globally over the coming years.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing a new brand in the foldable smartphone market requires high investment in R&D and manufacturing infrastructure. However, new players can enter through partnerships with existing electronics brands.
Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of multiple established brands offering Foldable Smartphones at varied price points. Buyers can negotiate on price and specifications.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major components like screens, processors and batteries require dedicated production facilities. However, new suppliers can enter through technology transfers.
Threat of new substitutes: The threat of new substitutes is low as Foldable Smartphones offer seamless integration of large screen experience and portability not found in regular smartphones.
Competitive rivalry: The competitive rivalry is high among global players like Samsung, Huawei, Motorola due to their continuous efforts in improving design and features.

SWOT Analysis
Strength: Large screens, portability, premium brand perception. Foldable designs allow truly immersive viewing while maintaining portability.
Weakness: High costs, durability concerns, limited app optimization. Prices remain above regular flagship smartphones. Screens are susceptible to damage from scratches, drops etc.
Opportunity: Growing interest of mobile users, innovative designs. Increasing popularity of large display devices across age groups. Dual fold, rollable, stretchable designs can further expand the market.
Threats: Slow 5G adoption, transition to new form factors. Delay in 5G network rollouts can dampen demand for premium smartphones. Concepts like foldable PC and wearables may take away future potential.

Key Takeaways

Global Foldable Smartphone Market Size is expected to witness high growth over the forecast period supported by rising disposable incomes, changing lifestyles and increasing demand for large screen experiences on the go.

Regional analysis: The Asia Pacific region held over 60% share of the global foldable smartphone market in 2023 led by China, South Korea, Japan and India. Proliferation of affordable 5G networks coupled with favorable government initiatives to promote domestic electronics manufacturing is fueling market growth in the region.

Key players: Key players operating in the foldable smartphone market are Samsung Electronics, Huawei Technologies, Motorola Solutions, Xiaomi Corporation, Apple Inc., Google LLC, TCL Technology, Lenovo Group Limited, LG Electronics and ZTE Corporation. Samsung dominated sales in 2023 with its Galaxy Z series enjoying robust demand globally. 

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