Falling shipments of Samsung’s foldable smartphones is dragging down the whole market segment. — AFP
Sales of foldable smartphones fell by 1% year-on-year in Q3 2024, marking the first-ever decline in this niche market. Samsung remains the undisputed leader in this segment despite a sharp drop in shipments.
According to Counterpoint Research, this is the first time ever that the foldable smartphone market has seen a year-on-year drop in shipments. This is mainly due to the sharp fall seen by Samsung, still the undisputed market leader.
The South Korean manufacturer posted a spectacular 21% drop in shipments of foldable smartphones over the quarter, with two new models – the Galaxy Z Fold 6 and Galaxy Z Flip 6 – struggling to find their audience. At the same time, other brands are expanding their offer and seeing their shipments grow, such as Honor, Motorola and Xiaomi. For these three brands, shipments are up 121%, 164% and 185% respectively on Q3 2023.
Despite steadily rising sales to date, foldable models now account for only around 1% of smartphone shipments worldwide. The future is not necessarily gloomy for foldable smartphones, with an ever-increasing range on offer, particularly in China. Exported models are sure to boost the market. Nevertheless, as 2024 draws to a close, the global market for folding smartphones seems to have entered a transitional phase, shifting from a niche segment to a more mainstream market. Two key elements for a sales rebound are, on the one hand, user satisfaction and good word-of-mouth feedback, and, on the other hand, a significant drop in prices.
As for innovation, there's no end in sight. Huawei recently demonstrated a model that folds into three. The advantage of this would be a screen comparable to that of a small tablet, when unfolded. It remains to be seen when this type of device might hit the market. – AFP Relaxnews
