The foldable smartphones market has grown exponentially in recent years. It will expand from $20.69 billion in 2023 to $25.1 billion in 2024, with a compound annual growth rate (CAGR) of 21.3%. This growth is attributed to consumer demand for larger screens in compact devices, improvements in hinge mechanisms, the rollout of 5G networks, increased R&D investments, and competitive differentiation among smartphone manufacturers.
The foldable smartphones market is expected to grow exponentially, reaching $54.65 billion by 2028 with a CAGR of 21.5%. The growth is attributed to the increasing adoption of remote and hybrid work models, rising demand for scalable IT solutions, AI integration for productivity, the expansion of 5G networks, and the importance of data analytics. Key trends include the growth of multi-cloud strategies, data privacy and compliance, advanced collaboration platforms, industry-specific cloud solutions, and a focus on sustainable cloud infrastructure.
Major Driver In The Foldable Smartphones Market
The increasing adoption of mobile gaming is expected to propel the growth of the foldable smartphone market going forward. This trend is driven by widespread smartphone accessibility, improved internet connectivity, affordable data plans, advancements in mobile gaming technology, and a growing array of engaging free-to-play games. Additionally, social gaming experiences and the convenience of mobile play contribute to its rising popularity. Foldable smartphones enhance gaming by offering larger, immersive screens that expand for an expansive view and fold for portability. In September 2023, Video Games Europe reported that the European gaming industry earned $24.5 billion in 2022, a 5% increase from the previous year, with mobile gaming accounting for 42% of this revenue. The percentage of Europeans choosing mobile platforms rose from 63% in 2021 to 68% in 2022. Thus, the growing mobile gaming adoption will drive growth in the foldable smartphone market.
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Foldable Smartphones Market Competitive Landscape
Samsung Electronics Co. Ltd., Microsoft Corporation, Huawei Technologies Co. Ltd., Sony Corporation, Lenovo Group, HP Inc., Vivo Communication Technology Co. Ltd., Xiaomi Corporation, OPPO Electronics Corporation, BOE Technology Group, TCL Technology Group Corporation, ZTE Corporation, Honor Device Co. Ltd., Schott AG, OnePlus Technology Co. Ltd., Meizu Technology Co. Ltd., HTC Corporation, Royole Corporation, Tecno Mobile Limited, Infinix Mobile, Tianma Microelectronics, Visionox, Nubia Technology Co. Ltd., Realme Technology
Key Foldable Smartphones Market Trend
Major companies in the foldable smartphone market are advancing hinge technology with multi-fold designs, like tri-fold technology, to provide larger displays in more compact devices, improving durability and design innovation. Tri-fold technology allows a screen to fold at two points, creating three distinct sections. For example, in September 2024, Huawei Technologies launched the Mate XT Ultimate Edition, the world's first tri-fold smartphone. This device features a 10.2-inch foldable OLED screen that transforms from a 6.4-inch phone to a 10-inch tablet, with a robust hinge system, 16 GB RAM, up to 1 TB storage, and a 5600mAh battery. The phone operates on HarmonyOS 4.2 and is available exclusively in China, with a focus on enhancing durability and seamless operation.
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Global Foldable Smartphones Market Segmentation
The foldable smartphones market covered in this report is segmented –
1) By Type: Inward Fold, Outward Fold
2) By Operating Type: Android, iPhone Operating System (iOS), Other Operating Types
3) By Random Access Memory (RAM): 16GB, 12GB, 8GB
4) By Sales Channel: Online, Offline
By Geography:The regions covered in the foldable smartphones market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the foldable smartphones market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Foldable Smartphones Global Market Report 2024 furnishes information about the global foldable smartphones market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
