Foldable Smartphone Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Foldable Smartphone Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Foldable Smartphone Market is expected to register a CAGR of over 21.3% during the forecast period (2021 - 2026). China is the global manufacturing center for most devices and components. With similar trends on the demand side, the smartphone manufacturing sector has been hit by delayed shipments and weakened development of next-generation products due to the COVID-19 pandemic. Also, the country has witnessed being choked off from suppliers, workers, and logistics networks.

• Foldable smartphones have been set at the forefront of smartphone technology, which became commercialized in 2019. The products combine the attributes of a large-screen tablet with the portability of a smartphone and are expected to attract a huge customer base over the forecast period. Market players, such as Samsung and Huawei, have been setting the trend of this foldable technology by launching newer products in the market.
• Moreover, owing to the rapidly increasing demand for advanced consumer electronics, coupled with high adoption in the entertainment and gaming sector, the foldable smartphone market is anticipated to witness a significant growth rate during the forecast period. The surging demand for phablet has also played a crucial role in the demand for foldable displays across the nations, especially across Asia.
• Additionally, Samsung makes use of OLED displays to offer mobile devices that come with foldable displays. For instance, Samsung's first foldable device offered two screens with a large 7.3" 1532x2152 (361 PPI) foldable AMOLED that folds inside, and a smaller 4.5" 840x1960 AMOLED to be used when the phone is closed. The company branded the display as the Samsung Infinity Flex Display.

• The foldable smartphone market has been characterized by the constantly changing dynamics, primarily due to the rapid advancement in technologies and product up-gradation, thereby supporting the market over the past few years. This is also anticipated to continue in the future.
• Some prominent companies have been patenting their design architecture for folding smartphones that will be launched soon. For instance, Apple Inc. has also patented its folding smartphone technology with a hinge heating technology to protect it from damage incurred in use over time.
• The increased awareness among consumers regarding the latest trend in smartphone technologies across developed economies is fueling the demand for such a product where the evolving business strategies of manufacturers providing innovative offerings of foldable design boost market growth.
• Smartphone makers are experimenting with different form factors for their foldable smartphones. For instance, it can be seen in Motorola Razr (2019), Samsung Galaxy Fold, as each of these phones looks different from others but prefer front-to-front fold (inward fold) display technology.
• As of April 2021, Oppo has two new foldable phones in the pipeline, both with an inward-folding design. Vivo is also expected to launch a folding phone of its own, that will also follow the inwards folding design whereas, Xiaomi has already launched a foldable phone with the Mi MIX Fold.

• The rapid advancements significantly influence the foldable smartphone market in technology by established players operating in the Asia-Pacific region. The global market consists of just a few key firms from the Asia-Pacific region and has witnessed an increase in competition as producers are competing to gain early benefits of merchandise commercialization over competitors.
• The Asia-Pacific market has also been undergoing uniform growth due to eminent technological resources and segment costs, coupled with huge initial investments required for product enhancement. Moreover, the prominent market players are anticipated to launch newer products over the forecast period to revolutionize the smartphone industry across emerging economies.
• Further, there has been an increasing focus on R&D activities, coupled with the ongoing technological development trends, among various component suppliers and product developers, including some prominent firms, such as Samsung Electronics, LG Display, and Royole Corporation. The prominent companies in the APAC region are working on developing integrated display technology. They are primarily competing to introduce this technology, thereby supporting the market's growth during the forecast period.
• In August 2020, Huawei announced that it is planning to launch the second-generation foldable smartphone Huawei Mate X2 with an inward folding display. The Huawei foldable smartphone will feature an inward folding display just like Samsung Galaxy Fold and Galaxy Z Fold 2.
• Moreover, Vivo, Oppo, Xiaomi and Google will be launching their foldable smartphones in 2021, and Samsung is expected to become the supplier for folding display. Such developments indicate increasing collaborations in the region and also provide a boost to faster roll-outs of these devices.

The foldable smartphone market is highly competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in display technologies, new players are expected to increase their market presence, thereby expanding their business footprint across the emerging economies.

• February 2020 - Samsung Electronics announced new products under the Samsung Galaxy S20 series, including the Galaxy Z Flip foldable model, at the Unpacked launch event. The main event took place in San Francisco. The Galaxy S20 series included the regular S20, S20+, and the supercharged Samsung Galaxy S20 Ultra. Galaxy Z Flip foldable was valued at about USD 1,380.

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