February 24, 2024

Foldable Smartphone Market Is Expected To Be Flourished By Its Increasing Demand Among Millennials And Gen Z Users

Foldable smartphones have emerged as a new category of smartphones that can be folded into compact formats that fit easily into pockets. These smartphones come with flexible organic light-emitting diode (OLED) displays that allow the device to fold without damaging the screen. Major brands like Samsung, Huawei, and Motorola have launched foldable smartphone models in recent years, which has increased awareness about this new form factor. Foldable smartphones are marketed as premium devices that combine the portability of a compact smartphone with the large screen experience of a tablet.

The global foldable smartphone market is estimated to be valued at US$ 22.95 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing demand among millennials and Gen Z users: Millennials and Gen Z users are early technology adopters who are attracted by novel smartphone form factors like foldable screens. These demographics find foldable smartphones appealing as they serve both as compact phones for portability as well as larger screen devices for multimedia and productivity apps. This rising demand from younger consumers is expected to be a key driver for the foldable smartphone market over the forecast period.

Adaptation of foldable screen technology: Major innovations in foldable display technology by Samsung and other players have made foldable smartphones commercially viable. The use of flexible OLED panels allows screens to naturally fold without damage. Continuous advancements relating to making screens more durable and affordable will support the mass adoption of this technology. As foldable screen technology becomes more refined, it will increase the growth prospects of the foldable smartphone market.

Segment Analysis
The Foldable Smartphone Market Analysis is dominated by the premium foldable segment. This segment accounts for around 70% of total sales as premium foldable smartphones have more durable designs, flexible displays, and powerful hardware. They are priced higher than standard smartphones but offer novel form factors and a more immersive experience. The mid-range foldable segment is emerging and holds promise for the future with affordable models. However, premium models will continue dominating in the early growth years due to their compelling value proposition for early adopters.

PEST Analysis
Political: There are no significant political risks impacting the foldable smartphone market currently. Most countries support innovation and new technologies.
Economic: The global economy recovering post-pandemic is boosting consumer spending on premium devices. Higher disposable incomes in developing nations are also expanding the market.
Social: Younger generations keen on novel experiences and designs are major adopters of foldable screens. Their social sharing increases visibility and influences more customers.
Technological: Advancements in flexible AMOLED displays, durable hinges, compact form factors are driving widespread commercialization. 5G compatibility further enhances the value proposition.

Key Takeaways
The global foldable smartphone market is expected to witness high growth over the forecast period driven by technological innovations, rising disposable incomes, and new customer segments adopting premium devices.

Regional analysis: The Asia Pacific region accounts for around 50% of the global foldable smartphone market led by countries such as China, South Korea and Japan. This is due to the presence of key manufacturers and early technology adoption among consumers. China has emerged as the single largest country market owing to high demand for premium devices. Government initiatives are also supporting local brands to drive innovation. Europe is another major region riding on growing demand from markets like Germany and the UK. However, North America is still in the nascent stage with the U.S. being the largest country market.

Key players operating in the foldable smartphone market include Samsung, Huawei, Motorola, TCL, OPPO and Xiaomi. Samsung has established leadership with over 70% share presently. Its Galaxy ZFlip and ZFold series set new benchmarks in design and usability. Huawei enjoys strong popularity in China and is intensifying R&D to enhance its portfolio globally. Motorola has also launched intuitive foldable models to gain share in the premium market. TCL is expanding its foldable portfolio with affordable models to target broader customer segments.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it