Samsung was the first major OEM to bring foldable smartphones to the market. The South Korean brand that has released five iterations of the Galaxy Z Fold flagships, currently dominates the foldable market. A new media report says Samsung is shifting its focus to unveil foldables with affordable price tags starting next year. Meanwhile, Huawei is also reportedly gearing up to unveil competitively-priced foldable phones next year. Other Android manufacturers are expected to follow suit. Besides this, two triple-foldable screen phones are also said to go official next year.
As per a report by TrendForce, Samsung and Huawei will introduce more competitively priced foldable phones to the mid-range market next year to help reduce price barriers and make foldable phones more accessible. Huawei, which once dominated the foldable phone market, is reportedly working on a triple-foldable screen phone and it might go official before March next year. Two triple-foldable screen phones are expected to be introduced in 2024.
Android smartphone makers have been releasing new foldable phones in recent months. Over 13 foldable smartphones including the Samsung Galaxy Z Fold 5, Galaxy Z Flip 5, OnePlus Open, Oppo Find N3, and Huawei Mate X5 were released within just three months.
As per the report, the lowest price for foldable phones has dropped to CNY 3,659 (roughly Rs. ) in 2023. In 2024, more brands could release higher-value foldable phone products, thus accelerating the broader adoption of foldable phones. Further, the report states that by the end of 2023, shipments of foldable smartphones could skyrocket to 18.3 million units, marking a 43 percent year-on-year surge. In 2024, a 38 percent growth is expected, almost 25.2 million units. By 2027, shipments could soar to 70 million units, seizing around five percent of the global smartphone market.
The report sits in line with an earlier leak that claimed that Samsung is planning to unveil Fan Edition versions of the foldable phones starting next year. Samsung is said to unveil the Galaxy Z FE model after the debut of the Galaxy Z Fold 6 and Galaxy Z Flip 6 next year. More Android manufacturers are expected to follow suit, driving accelerated expansion in the foldable phone market.