The once-niche market for foldable phones is experiencing a significant surge in popularity. According to Counterpoint Research, global shipments for foldables skyrocketed by a staggering 49% in the first quarter of 2024, marking the highest growth rate in over 18 months. This trend signifies a growing consumer appetite for these innovative devices, and the competition within the foldable phone market is heating up.
Huawei Folds Its Way to the Top
In a surprising turn of events, Huawei has dethroned Samsung as the leading player in the global foldable phone market. This shift can be largely attributed to China’s strong adoption of 5G technology. Huawei’s strategic move to release their first 5G foldable phone, the Mate X5, proved to be a massive success. Notably, a whopping 84% of Huawei’s foldable phones shipped in Q1 2024 were 5G-enabled models. This strategic focus on 5G connectivity resonated well with Chinese consumers, propelling Huawei to the top spot.
Honor and Motorola Make Global Strides
While Huawei dominated the Chinese market, Honor and Motorola made significant strides internationally. Honor’s global market share for foldable phones witnessed a phenomenal jump, rising from 3% to 12% in Q1 2024, solidifying their position as the third-largest player. The key driver behind this success? The Honor Magic V2. This innovative model boasts the title of being the slimmest infolding book-type foldable phone currently available, and it quickly became a top seller within Western European markets. Meanwhile, Motorola’s Razr 40 (also known as the Razr 2023) rekindled consumer interest in North America. The iconic clamshell design of the Razr series continues to hold a captivating charm for many users.
Book-Type Foldables Take Center Stage
For the first time since 2021, book-type foldable phones, designed to unfold like a small book, have surpassed the classic clamshell design in terms of market share. A significant 55% of global foldable phone shipments in Q1 2024 belonged to the book-type category. This surge can be attributed to the launch of a wave of new and innovative book-type models from prominent Chinese manufacturers like Huawei, Honor, OnePlus, and Vivo. While Samsung’s Galaxy Z Flip series has traditionally dominated the clamshell segment due to its more accessible price point, the surge in innovative book-type models from Chinese brands seems to be winning over consumers seeking a larger unfolded display experience.
Clamshell Designs Aren’t Going Anywhere
Despite the rise of book-type foldables, it’s important to note that the clamshell design isn’t fading away just yet. Samsung remains committed to reclaiming its market leadership role and is gearing up for the release of the Z Flip 6. This upcoming model promises improved performance, reliability, and potentially a more competitive price point compared to previous iterations. Additionally, Huawei is planning to introduce a more affordable clamshell model to cater to a wider range of budgets. Furthermore, both Honor and Xiaomi are expected to enter the clamshell market for the first time, potentially introducing even more diverse options for consumers. This influx of new clamshell models suggests that the segment might experience renewed growth in the latter half of 2024.
Whether you favor the convenience of a book-type foldable or the nostalgia of the clamshell design, one thing is clear: the foldable phone market is booming, and consumers are presented with a wider range of innovative options than ever before.
FAQs
Q: Why are foldable phones becoming more popular?
A: Foldable phones offer a unique user experience by combining the compact size of a smartphone with the larger display area of a tablet. Additionally, advancements in technology have led to thinner, more durable foldable displays, making them more appealing to consumers.
Q: Which brand is the leader in the foldable phone market?
A: As of Q1 2024, Huawei is the leading player in the global foldable phone market.
Q: What are the different types of foldable phones?
A: There are two main types of foldable phones – book-type and clamshell. Book-type phones unfold like a small book, while clamshell phones fold vertically similar to a classic flip phone.
