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Phones

The foldable phone market could get more interesting as shipment numbers look promising

By Samuel Martinez February 15, 2022, 9:32 pm
Galaxy Z Fold 3 Source: Pocketnow

Foldable phones are receiving more attention as time goes by. And it is only logical, considering that these devices are getting better with each iteration and the fact that more companies are also trying to get a piece of this growing segment in the smartphone world. You could also add that foldable phones will start to get more affordable, which may be some of the reasons why Canalys assumes that the foldable phone market may reach impressive shipment numbers in the next couple of years.

According to a report from Canalys, the foldable smartphone market could see yearly shipments of up to 30 million devices in 2024. In other words, the foldable phone segment could see a compound annual growth rate of 53 percent between last year and 2024.

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Amber Liu, Research Analyst at Canalys, says:“Fortunately, the supply chain ecosystem for foldable devices has developed rapidly over the last few years, thanks to Samsung. While there are an increasing number of suppliers for foldable displays, hinges and other key components, device vendors are also highlighting innovative engineering solutions and product designs for a better user experience while constantly pushing down prices.”

Canalys foldable smartphone market growth Source: Canalys

She also pointed out that:“Major smartphone vendors are getting ready to compete in the foldable category, which will become a vital part of their high-end strategies and corporate branding. We expect this year will see many new foldable device launches as vendors continue reducing thickness, weight and price, which will be vital for mass-market adoption. The leading players will start to flex their muscles in the ecosystem to leapfrog their competitors with advanced and differentiated experiences.”

Whatever the case, remember that these are just predictions, and there is no way to be 100 percent sure what will happen in the future. Still, the foldable smartphone market has grown by 148 percent on a per-year basis for 2021, which rounds up to an estimated total of 8.9 million devices shipped. In contrast, the conventional smartphone market grew by seven percent in the same period.

Source: Canalys

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