Global Foldable Phone Market Q3 2024 Report: Slowdown in Growth, Xiaomi's Unexpected Rise

Global Foldable Phone Market Q3 2024 Report: Slowdown in Growth, Xiaomi's Unexpected RiseCounterpoint Research recently released its Q3 2024 global foldable phone market report, revealing a 1% year-over-year decline in global sales. This marks the first slowdown after six consecutive quarters of growth, causing significant industry attention

Global Foldable Phone Market Q3 2024 Report: Slowdown in Growth, Xiaomi's Unexpected Rise

Counterpoint Research recently released its Q3 2024 global foldable phone market report, revealing a 1% year-over-year decline in global sales. This marks the first slowdown after six consecutive quarters of growth, causing significant industry attention. The report highlights complex market shifts, showcasing challenges for leading brands and opportunities for emerging players.

Samsung maintained its leading position with a 56% market share. However, its sales dropped 21% year-over-year, resulting in a 14 percentage point decrease in market share. Despite its technological advancements and brand recognition, Samsung faces increasing pressure. The rapid rise of competitors and the overall market slowdown pose significant challenges, demanding improved product competitiveness and innovative market strategies.

Huawei secured second place with a 15% market share, demonstrating a contrasting 23% year-over-year sales growth and a 2 percentage point increase in market share. This success stems from its strong brand reputation, robust ecosystem, and continuous technological innovation. Huawei's dominance in the high-end market reflects its deep technological expertise and mature market strategies. Consistent R&D investment and a deep understanding of user needs are key to its competitive edge.

Honor ranked third with a 10% market share, experiencing a remarkable 121% year-over-year sales growth and a 2 percentage point market share increase. This rapid growth highlights its success in cost-effectiveness and market segmentation. Its focus on the mid-range market and precise targeting of younger consumers fueled its market share gains, indicating foldable phones' expanding consumer base.

Remarkably, despite holding only fifth place, Xiaomi achieved a staggering 185% year-over-year sales increasethe highest among all brands. This signifies Xiaomi's immense growth potential in the foldable phone market. The July 2024 launch of the Xiaomi MIX Fold 4 and Xiaomi MIX Flip, the latter being Xiaomi's first clamshell foldable, proved crucial in capturing market share, particularly among consumers seeking smaller foldable devices.

The Xiaomi MIX Fold 4's self-developed "Dragon Hinge 2.0" enhanced durability and reliability. Its 6.56-inch inner screen and 7.98-inch unfolded screen offered improved user experience. Furthermore, 67W wired and 50W wireless charging significantly enhanced user convenience. These technological innovations and strategic product decisions have effectively boosted Xiaomi's competitiveness, securing a significant foothold in this highly competitive market.

In conclusion, the Q3 2024 report reveals a slowing market with intensifying competition. While Samsung remains dominant, its sales and market share are declining. Huawei and Honor exhibit strong growth, while Xiaomi emerges as a dark horse with explosive sales growth. These changes signify a crucial transition phase for the foldable phone market, where technological innovation, product positioning, and market strategy are critical for success. Future competition will be fiercer, requiring manufacturers to adapt and invest in R&D, enhance product performance and user experience, and explore new market opportunities to meet evolving consumer demands. Effective market strategies and brand promotion are also indispensable. Only through continuous innovation, keen observation of user needs, and proactive adaptation will manufacturers thrive in this competitive landscape.