April 21, 2024
Foldable Smartphone Market

Foldable Smartphone Market Poised To Grow Significantly Due To Increasing Adoption Of Technological Advanced Smartphones

The foldable smartphone market is estimated as an emerging futuristic technology that allows users to transform their smartphone into a tablet by folding or unfolding the device. These smartphones have flexible display panels that can fold without damage, enabling innovative new form factors.

The global foldable smartphone market is estimated to be valued at US$ 26.44 billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period from 2024 to 2031.

Foldable smartphones provide all the advantages of a smartphone along with the expanded screen size of a tablet. Its compact size when folded makes it easy to carry and fits comfortably in pockets. When unfolded, the large screen provides an immersive experience for watching videos, gaming, reading or working. This dual-mode functionality allows users to choose the ideal form factor based on their needs. The growing demand for larger screens and multifunctional devices is a key factor driving the adoption of foldable smartphones.

Key Takeaways
Key players operating in the foldable smartphone market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Liquid Genomics, Inc., AROS Applied Biotechnology A/S, Myriad Genetics, Inc., QIAGEN, Eurofins Scientific, Genomic Health, Bio-Rad Laboratories, Inc., Epigenomics AG, and Aepodia.

The key opportunities in the foldable smartphone market include developing cost-effective and durable foldable displays. Manufacturers are working on foldable organic light-emitting diode (OLED) and micro LED display technologies to reduce prices.

Globally, the Foldable Smartphone Market Trends is expected to witness highest growth in Asia Pacific owing to the rising disposable incomes and growing popularity of South Korean brands in countries like China and India. Leading manufacturers are expanding their foldable smartphone portfolio and production facilities across Asia and other regions.

Market drivers
The primary driver for the foldable smartphone market growth is the increasing adoption of technologically advanced smartphones among millennial consumers. Foldable smartphones offer a novel form factor compared to conventional smartphones and match the technology preferences of young users. Their large and flexible displays coupled with multifunctional capabilities are attracting new consumers to the premium smartphone segment. This is expected to significantly drive the demand for foldable smartphones over the next decade.

PEST Analysis
Political: Foldable smartphones allows portability for constant connectivity for business and personal use. However, regulations around data privacy and security affects the market.
Economic: Growing disposable incomes, financing options favours premium products. However, high costs can deter customers.
Social: Younger demographics driving innovation adoption. However, some resist advanced tech over privacy concerns.
Technological: Major tech firms driving R&D to overcome durability and cost challenges. Folding OLED screens enable flexible form factors. 5G connectivity to enhance user experience.

The North American region contributes the largest value share in the Foldable Smartphone Market owing to presence of major technology companies and early tech adoption by consumers. However, the Asia Pacific region is projected to grow at the fastest pace during the forecast period. Established electronics manufacturing base and growing demand from youth and professionals will aid regional market growth. Countries like China, South Korea and Japan are expected to present significant opportunities.

The European region also presents scope for market expansion led by countries such as Germany, UK and France. Favourable government initiatives encouraging startup culture complements firm investments towards 6G technologies and beyond. On the other hand, regions such as Middle East and Africa, and Latin America are likely to showcase moderate growth prospects during the same time frame.