The Foldable Phone Market to Explode in 2024: IDC Predicts 22% Year-on-Year Growth

The Foldable Phone Market to Explode in 2024: IDC Predicts 22% Year-on-Year GrowthMarket research firm IDC recently tweeted that it predicts global foldable phone shipments will grow by 22% year-on-year in 2024, more than three times the growth rate of all smartphone shipments (5.8%)

The Foldable Phone Market to Explode in 2024: IDC Predicts 22% Year-on-Year Growth

Market research firm IDC recently tweeted that it predicts global foldable phone shipments will grow by 22% year-on-year in 2024, more than three times the growth rate of all smartphone shipments (5.8%). IDC believes that manufacturers are constantly improving the design, durability, and functionality of foldable phones. While the high average selling price remains a barrier in the short term, it is foreseeable that the average price will gradually decline.

In terms of market segmentation, IDC emphasizes that China plays a key role in shaping the competitive landscape of foldable phones. China is the world's largest foldable phone market, accounting for 46% of global foldable phone shipments in the first to third quarters of this year. In Q3 2024, China's foldable phone market share reached 32%, with the combined share of the US and China reaching 56%.

In terms of brand segmentation, Huawei and Honor saw strong growth in the first half of 2024, taking a significant share from Samsung. Samsung launched the Galaxy Z Fold6/Flip6 in Q3, which allowed the company to regain its leading position in Q3 2024 with a 51% market share.

IDC's forecast shows that the foldable phone market is growing rapidly, with a much faster pace than the traditional smartphone market. This is thanks to foldable phone manufacturers continuously improving their products and enhancing user experiences. Although price remains a major factor hindering consumer adoption of foldable phones, the average selling price of foldable phones is expected to gradually decline with technological advancements and intensified competition, further fueling market growth.

The Chinese market, as the world's largest foldable phone market, has a significant impact on the global market landscape. Chinese manufacturers like Huawei and Honor have shown strong competitiveness in the foldable phone market, posing a challenge to Samsung's market share. In the future, the Chinese market will continue to lead the innovative development of foldable phones and provide more options for the global market.

In conclusion, the foldable phone market is in a high-growth stage and will experience explosive growth in the coming years. As technology matures and prices decline, foldable phones will become an important part of the smartphone market, bringing new and exciting experiences to consumers.