China's Foldable Smartphone Market Booms: Huawei Leads, Vivo Rises, AI Technology Becomes Key

China's Foldable Smartphone Market Booms: Huawei Leads, Vivo Rises, AI Technology Becomes KeyData from CINNOResearch shows that China's foldable smartphone market reached 2.62 million units in Q2 2024, marking a 125% year-on-year (YoY) and 11% quarter-on-quarter (QoQ) growth

China's Foldable Smartphone Market Booms: Huawei Leads, Vivo Rises, AI Technology Becomes Key

Data from CINNOResearch shows that China's foldable smartphone market reached 2.62 million units in Q2 2024, marking a 125% year-on-year (YoY) and 11% quarter-on-quarter (QoQ) growth. This marks the fourth consecutive quarter of triple-digit YoY growth, demonstrating the continued explosive growth of China's foldable smartphone market and the increasing consumer enthusiasm for this technology.

In the first half of 2024, China's foldable smartphone sales reached 4.98 million units, representing a 121% YoY increase and a penetration rate of 3.6%. This is a 1.8 percentage point increase from the 1.7% penetration rate in the same period last year. In the high-end market above 5,000 yuan, foldable smartphones hold a 13% market share, a significant leap from 2% in 2020. Foldable smartphones are rapidly gaining traction in the high-end market and becoming an important force to be reckoned with.

Market Competition Landscape: Huawei Leads, Vivo Makes a Strong Entrance

In terms of market share, Huawei took the top spot in Q2 2024, with a 1% YoY increase, solidifying its lead. Vivo came in second, experiencing the largest market share growth among mainstream brands, mainly attributed to the successful launch of its XFold3/XFold3Pro models in March. OPPO currently sits at third place, with a 5% YoY decline in market share, primarily due to the extended launch cycle of its new models.

Huawei's strong technological capabilities and brand influence have secured its leading position in the foldable smartphone market. Vivo, by leveraging the impressive performance of its XFold3/XFold3Pro models, has rapidly gained market share, emerging as a dark horse in the foldable smartphone market. OPPO faces some pressure in the competitive foldable smartphone market, as the extended launch cycle of its new models has affected its market share.

Technological Innovation: AI Applications Surge, Thinning Trend is Evident

In Q2 2024, foldable smartphones equipped with AI technology accounted for 42% of sales in China, representing a substantial 42% YoY and 10% QoQ increase. AI technology is becoming increasingly prevalent in foldable smartphones, serving as a crucial factor in enhancing user experience.

Furthermore, 70% of foldable smartphones sold in Q2 had a thickness of less than 12mm, marking a 47% YoY and 19% QoQ increase. The median thickness of new foldable models launched in the first half of 2024 is 14.34mm, narrowing the gap to 6.09mm compared to the iPhone 15 ProMax. In 2020, this gap was 8.00mm. In terms of weight, new foldable smartphones launched between 2020 and the first half of 2024 have seen a significant drop in weight. The median weight has fallen from 282g in 2020 to 204g in the first half of 2024, representing a 28% reduction. This weight is now lower than the iPhone 15 ProMax. Out of the 10 new foldable models launched in the first half of 2024, only two weigh more than the iPhone 15 ProMax, while the remaining eight are lighter.

The trend towards thinner and lighter foldable smartphones is becoming increasingly prominent. Manufacturers are actively striving to enhance the portability and comfort of their products. AI technology and thin and light design will be key drivers of future foldable smartphone development.

Future Outlook: Foldable Smartphone Market Set to Maintain Rapid Growth

Driven by technological advancements and rising market demand, the foldable smartphone market is poised to maintain its rapid growth trajectory. In the coming years, foldable smartphones are expected to become an integral part of the smartphone market, with intensified competition.

To further propel the development of the foldable smartphone market, manufacturers need to continually enhance their product innovation capabilities, launch more competitive models, and actively explore overseas markets.