Huawei Takes the Crown! Foldable Phone Market Soars 85% in Q2, Samsung's Dominance Threatened?

Huawei Takes the Crown! Foldable Phone Market Soars 85% in Q2, Samsung's Dominance Threatened?The global foldable smartphone market experienced explosive growth in the second quarter of 2024, with TechInsights' latest report revealing a staggering 85% year-over-year increase. Huawei emerged as the market share leader with an astonishing 229% year-over-year growth, successfully surpassing Samsung, which had previously held a dominant position

Huawei Takes the Crown! Foldable Phone Market Soars 85% in Q2, Samsung's Dominance Threatened?

The global foldable smartphone market experienced explosive growth in the second quarter of 2024, with TechInsights' latest report revealing a staggering 85% year-over-year increase. Huawei emerged as the market share leader with an astonishing 229% year-over-year growth, successfully surpassing Samsung, which had previously held a dominant position. While Samsung secured second place with a 5% year-over-year growth, its shipments fell short of Huawei, an unexpected outcome.

Report data reveals that other brands including vivo, Honor, Motorola, OPPO, Transsion, Xiaomi, OnePlus, and ZTE also achieved significant growth, recording year-over-year increases of 83%, 423%, 32%, 59%, 3159%, 67%, and double-digit figures respectively. These figures strongly indicate that foldable phones are gaining increasing recognition from consumers, painting a bright future for the market.

Notably, the Asia-Pacific region holds the leading position in the foldable phone market, also experiencing the fastest growth. The report indicates that horizontally large foldable phones remain the mainstream, with Huawei leading in this segment, while Samsung dominates the vertically small foldable phone market.

Huawei's ability to outpace Samsung in the second quarter is primarily attributed to its strong performance in the domestic market. Although Huawei's foldable phones are unable to access the global market, their booming sales in China compensated for this disadvantage, ultimately surpassing Samsung's total shipments.

However, Samsung is set to launch its new foldable phone in the third quarter, targeting the global market, which will undoubtedly pose a challenge to Huawei's leading position. The market landscape is expected to undergo a reshaping as numerous brands will introduce new foldable phones in the third quarter, intensifying competition.

The foldable phone market is fiercely competitive, with the release of new models often dictating brand market share. The brand that delivers the most compelling new products is likely to gain an advantage in this competitive market.

Looking ahead, the foldable phone market is poised for continued development, projected to witness even greater growth in the coming years. However, competition will become even fiercer, necessitating brands to continuously innovate and introduce cutting-edge products to secure a winning position in this dynamic market.