April 18, 2024
Foldable Smartphone Market

The Growing Adoption of Foldable Smartphone Technology is Driving the Foldable Smartphone Market

Foldable smartphones are transforming the mobile device market with their ability to fold or collapse into a pocket-sized form factor and expand into a full-sized tablet. Featuring flexible organic light-emitting diode (OLED) displays that can bend and fold without damage, foldable smartphones allow users enhanced portability along with a larger screen experience. Major brands are investing heavily in research and development to roll out advanced foldable devices with slimmer bezels, more durable hinges, and water resistance.

The global foldable smartphone market is estimated to be valued at US$ 22.95 Billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The adoption of Foldable Smartphones is growing rapidly due to their compact design that offers portability along with a large viewing area comparable to tablets. Their dual-display functionality has encouraged multi-tasking through multi-window use. The ability to watch videos, read e-books, compose mails and browse the internet on a large unfolded screen and make calls on a small folded screen adds immense convenience to users. Superior features like water resistance and durable flexible OLED displays are further fueling their demand. Technological advancements focused on addressing durability and battery life concerns will accelerate their mass adoption in the coming years.

Market key trends:

One of the key trends driving the foldable smartphone market is the technological advancements in flexible display technology. Major screen manufacturers are developing ultra-thin and durable flexible OLED displays that provide a natural folding experience without degradation in image quality. Advanced materials like polyimide film substrates provide robustness. Screen protectors with self-healing polymers are also being marketed. Another major trend is the growing range of form factors beyond traditional clamshell and book-style designs. Manufacturers are experimenting with rollable and sliding designs to introduce novel form factors. Progressive features like S Pen support on foldable devices are also popularizing their use for productivity. Strategic partnerships between brands and display makers will continue spurring innovations.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the foldable smartphone market is growing moderately with significant capital requirement for R&D. However, established brand value gives advantage to existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and less switching cost involved for buyers. Buyers can easily switch to other smartphone brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components like screens and batteries require specialized manufacturing facilities and technologies. Suppliers have some control over pricing and supply.
Threat of new substitutes: The threat of new substitutes is high with continuous innovation and new product launches in the conventional smartphone segment. Foldable devices need to offer compelling features over regular smartphones.

Competitive rivalry: The competition in the foldable smartphone market is high among key players like Samsung, Huawei, Motorola and others. Players differentiate through continuous innovations, brand strength, and pricing strategies.

Key Takeaways

Global Foldable Smartphone Market Size is expected to witness high growth at a CAGR of 4.3% during the forecast period of 2023 to 2030.

Regional analysis: The Asia Pacific region is expected to maintain its leading position with China, South Korea, and Japan being the major markets. The early adoption of new technologies and strong presence of manufacturers like Samsung and Huawei driving the market in the region. North America and Europe are also expected to offer lucrative opportunities with growing demand.

Key players: Key players operating in the foldable smartphone market are Samsung, Huawei, Motorola, Xiaomi, and Google. Samsung led the market with its Galaxy Fold and Flip series. Huawei launched Mate X and Mate XS and Motorola launched RAZR foldables. Players are investing heavily in R&D to develop innovative designs and features. Partnerships are also observed to source key components and technologies.

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