China's Foldable Phone Market Shows Strong Growth, Shipments Expected to Exceed 10 Million Units in 2024
China's Foldable Phone Market Shows Strong Growth, Shipments Expected to Exceed 10 Million Units in 2024The latest quarterly mobile phone forecast report released by International Data Corporation (IDC) reveals a thriving foldable phone market in China. The report predicts that shipments of foldable phones in China will reach 10
China's Foldable Phone Market Shows Strong Growth, Shipments Expected to Exceed 10 Million Units in 2024
The latest quarterly mobile phone forecast report released by International Data Corporation (IDC) reveals a thriving foldable phone market in China. The report predicts that shipments of foldable phones in China will reach 10.68 million units in 2024, representing a 52.4% year-on-year increase, and will surpass 17 million units in 2028, with a five-year compound annual growth rate of 19.8%.
The report highlights that Chinese manufacturers are actively investing and strategically positioning themselves in the foldable phone sector, making China the largest market for foldable phones globally. IDC projects that China's foldable phone market will maintain a global market share of approximately 40% in the long term.
The surge in foldable phones is attributed to the continuous advancement of related technologies. Refinements in crucial technologies such as hinges and screens have significantly improved product quality, leading to price reductions. Concurrently, advancements in overall device quality, slimness, screen creases, standby time, and imaging capabilities have resulted in noticeable improvements in user experience, encouraging greater consumer acceptance of foldable phones.
China's Foldable Phone Market Landscape
The report unveils the following market landscape for foldable phones in China from the second half of 2022 to the first half of 2024:
1. Huawei: As a key player in China's foldable phone market, Huawei has consistently led the industry in terms of product forms, supply chain technology, and system application compatibility. Since 2020, Huawei has maintained a market share exceeding one-third.
2. Honor: With its new products successfully positioned as "lightweight" and "all-rounders," Honor secured a market share of 23.3% in the first half of this year.
3. Vivo: Similar to Honor, Vivo's new products, boasting "lightweight" and "all-round" features, have contributed to a market share of 18.7% in the first half of the year.
4. OPPO: Despite not launching any new foldable phones this year, OPPO has maintained its position as the fourth largest player in the market, holding an 8.6% market share.
5. Samsung: Facing intense competition from Chinese brands, Samsung's foldable products account for only 4.2% of the market share.
Conclusion
China's foldable phone market exhibits robust momentum and is anticipated to continue its rapid growth in the coming years. As technology progresses and product experiences improve, foldable phones are poised to become a significant component of the future smartphone market. The active investment and strategic positioning of Chinese manufacturers in the foldable phone sector will continue to propel the market's development, delivering more innovative products to global consumers.
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