by The foldable smartphone market comprises devices that are engineered with innovative display technology allowing the screens to fold inward or outward, transforming the device into a compact form factor for portability and one-handed usability. Foldable Smartphones offer features like multi-tasking, dual-screen functionality, and extended battery life in a lightweight and durable design. They provide an uncompromised smartphone and tablet experience in a single device, appealing to users seeking both portability and productivity.
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 4.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of lightweight and portable computing devices is one of the key factors driving the foldable smartphone market. Users increasingly desire devices that offer both versatility and portability to keep up with fast-paced lifestyles. Foldable Smartphones deliver a large, tablet-like experience along with the compactness and lightweight build of a traditional smartphone. When folded, the devices take up less space in pockets and bags compared to regular smartphones. This makes them highly portable and suitable for everyday use on the go. Further, their dual-screen functionality allows seamless multi-tasking and productivity without compromising on screen size or flexibility of use. Ongoing technological advancements are also making foldable devices more durable and affordable, appealing to a wider consumer base.
SWOT Analysis
Strength: Foldable Smartphones provide the advantages of both a smartphone and tablet by fitting compactly into a user’s pocket when folded but expanding into a larger display when unfolded. This two-in-one functionality is a key strength.
Weakness: The foldable display technology is still new and expensive to produce. The risk of damage to the flexible OLED display from repeated folding/unfolding poses reliability issues.
Opportunity: If manufacturers can drive down production costs and improve display durability over time, Foldable Smartphones have potential to gain wider adoption and disrupt the mainstream smartphone market currently dominated by flat slab designs.
Threats: Stiff competition exists from well-established smartphone brands. Consumer perception of the new foldable form factor as a gimmick rather than a necessary innovation also poses marketing challenges initially for brands.
Key Takeaways
Global Foldable Smartphone Market Size is expected to witness high growth as the new form factor gains traction among early adopters. Currently Samsung and Huawei dominate sales with their Galaxy Fold and Mate X models respectively.
Regional analysis: Asia Pacific currently represents the fastest growing and largest market for Foldable Smartphones led by countries like China and South Korea where consumers are more receptive to novel smartphone technologies. North America and Europe are other major regions contributing to demand but adoption rates remain relatively low compared to Asia.
Key players operating in the foldable smartphone market are Promega Corporation, Merck KgaA, Geno Technology Inc., USA., Thermo Fisher Scientific Inc., SignalChem Biotech Inc., Takara Bio Inc., Creative Enzymes, ProteoChem, Waters Corporation, Bioseutica, Bovogen Biologicals Pty Ltd., and BBI Solutions. Samsung and Huawei have established an early leadership with their pioneering foldable devices however increased competition is expected as the market matures over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
