Samsung projects a 50% increase in foldable sales in 2023
The competition in the foldable smartphone market is ever-growing. Recently, Samsung introduced its next-gen foldable at the Galaxy Unpacked event in South Korea. As per the recent pieces of information, the tech giant intends to do better sales with the current foldable models. Reportedly, the company projects to sell 50% more units in contrast to last year. If this happens, the sales would account for 20% of all Galaxy smartphone sales in the current fiscal year.
Galaxy Z Fold 5 and Galaxy Z Flip 5 are the fifth-gen foldable by Samsung. The now-discontinued Galaxy Note lineup is expected to be surpassed in overall yearly sales this year by the foldable category, according to the company’s mobile chief TM Roh. Taking into account the popularity of the Note phones, it’s a significant accomplishment. Samsung’s foldable goal, though, is considerably greater.
Samsung wishes to add foldable to its mainstream items. The company is trying to hold a strong position in the market. However, the company is required to work hard and improve certain aspects of the foldable in order to stand out from its competitors. The recent offerings i.e., Galaxy Z Fold 5 and Galaxy Z Flip 5 include several notable modifications, like a big cover display on the flip model and a flat-folding design.
With the help of these improvements, the company anticipates enhancing its sales. TM Roh mentioned that Samsung was able to sell ten million units of 4th gen of its foldable back in 2022. The Galaxy Z Flip 4 accounted for 60% of the total sales of those ten percent. The Galaxy Z Flip 5 and Galaxy Z Fold 5 together are expected to sell over 15 million units this year, according to the Korean company. It is believed that the Flip model will account for an even larger share this time too.
According to research firms, the global foldable market has the potential to grow to 20 million units in the current year. If Samsung performs well and achieves its estimated target, then it will account for 75% of the market. Besides Samsung, nine other smartphone companies are anticipated to introduce their foldable in the current fiscal year.
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