The foldable smartphone market is still small, but Counterpoint search expects demand to skyrocket over the next few years with Samsung is preparing to maintain its current position as the segment leader.
Foldable smartphone shipments could reach 30 million units in 2023
Around 3 million foldable smartphones were shipped worldwide in 2020. That number is expected to triple to 9 million units this year, with Samsung accounting for around 88% of the global market thanks to the Galaxy Z series. A similar trend is expected to continue. throughout next year and by 2023 Counterpoint search expects foldable smartphone shipments to reach 30 million units, a 10-fold increase over 2020 demand.
Impressively, Samsung is expected to continue to dominate the foldables segment with a 75% market share in 2023. This despite the expectation that new brands like Google and Honor will enter the segment in the coming months.
Samsung will make foldables more accessible with the Flip 3 and Fold 3
Ahead of the foldable iPhone’s launch, growth will be driven largely by improved designs and materials, in addition to competitive pricing. Leaks suggest Samsung is preparing to lower the cost of its products with the Galaxy Z Flip 3 and Fold 3.
Counterpoint search believes Samsung will target younger customers with the upcoming Galaxy Z Flip 3. The new The Galaxy Z Fold 3 with S Pen compatibility, meanwhile, will be aimed at older Galaxy Note customers.
Foldable smartphones could also prove to be a good growth opportunity for Samsung in China, a market it has failed to break into. This would depend heavily on whether the company absorbs part of Huawei’s remaining business.