Foldable Phone Market to Grow by 55% in 2023: TrendForce Report

Analysis and research firm TrendForce predicts that foldable smartphone sales will jump by 55% YoY with 19.8 million shipments in 2023. The report attributes the growth to the stagnation of the smartphone market, which could shift the market's focus to foldable devices.

More Users May Adopt Foldable Phones in 2023

According to a TrendForce report, this year's market size for smartphones is projected to fall short of a whopping 1.2 billion units, owing to the economic decline across the globe.

"Advancements in both software and hardware of new devices have plateaued, shifting the market focus toward foldable smartphones," the report states. The publication anticipates the number of shipments of foldables to rise to 19.8 million units in 2023 to register a 55% YoY growth.

The foldable smartphone market is still in the early stages, with smartphone makers experimenting with various displays and materials. The resultant high prices of foldables have been a deterrent for potential buyers so far.

To recall, the Huawei Mate X2 debuted back in 2021 with a price tag of $2,600. The price of foldables has declined significantly over the years as brands continue to develop new materials and technology to cut down on production costs.

Foldable Phones to get Cheaper

"As more suppliers enter this competitive landscape, prices are forecasted to fall. Similarly, the price of hinges-another critical component-used to range between CNY 800-1200, but is now adjusting downwards, alleviating the overall cost pressure of foldable smartphones and boosting consumer acceptance."

Samsung has been one of the earliest adopters of foldable smartphones and dominates the market with a 70% share. Challenging Samsung's near-monopoly are Chinese companies like Huawei, OPPO, Vivo, Honor, and Xiaomi, which further brings down costs due to competition.

"With an increasing number of brands expected to venture into foldable smartphone production, TrendForce estimates the market penetration of foldable phones to be around 1.7% in 2023. With continuous improvements in cost and design, this figure is expected to surpass 5% by 2027," states the report.

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