Foldable smartphones are expected to take 5% of the market by 2027
for quite some time now, we have observed rapid growth in the foldable smartphone category. More and more companies are interested in manufacturing a foldable smartphone. According to the TrendForce report, foldable smartphones will take 5% of the international market share by 2027. TrendForce has shared its statistics for the next 5 years.
Foldable smartphones will take 5% of the global market in the coming years
It is expected that by the end of this year, shipments will reach 18.3 million units. In simple words, foldable smartphones will hold 1.6% of the smartphone market. It is, however, anticipated to grow to 70 million in the next five years. Such figures will be equivalent to 5% of the global market.
You might be wondering about the years before 2027. Well, we have a few details about the next year that indicate that the shipments will reach 25.2 million. It will be 38% growth, and the market should stand at 2.2% next year. Now the question arises: what could be the reason behind this increase? Well, foldable smartphones have grabbed the attention of consumers. More foldable smartphones mean that manufacturing costs will be reduced, which will eventually result in low prices.
More and more foldable phones are making their way to the market
The foldable smartphone market is facing immense competition. All in all, it is good considering the product quality and price. Interestingly, Chinese OEMs are debuting their foldable smartphones in the global foldable smartphone market, where previously most of the products were only confined to China.
According to TrendForce, Samsung is still a global force to be feared. This year, the business plans to sell 12.5 million foldables and capture two-thirds of the market. From the previous year, when it had 82% of the market, that will be a decrease. Because of the increased competitiveness, that is to be expected. Besides Samsung, Huawei is expected to grab 14% of the market. Oppo will acquire a 5% share, and Xiaomi will hold 4% of the foldable smartphone market.
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