Q3 2024 Global Foldable Smartphone Market Report: Samsung's Dominance Challenged by the Rise of Chinese Manufacturers

Q3 2024 Global Foldable Smartphone Market Report: Samsung's Dominance Challenged by the Rise of Chinese ManufacturersOn November 27th, Counterpoint Research, a leading market intelligence firm, released its report on the global foldable smartphone market for the third quarter of 2024. The report revealed that the global foldable smartphone market experienced its first year-on-year decline (1%), after six consecutive quarters of growth

Q3 2024 Global Foldable Smartphone Market Report: Samsung's Dominance Challenged by the Rise of Chinese Manufacturers

On November 27th, Counterpoint Research, a leading market intelligence firm, released its report on the global foldable smartphone market for the third quarter of 2024. The report revealed that the global foldable smartphone market experienced its first year-on-year decline (1%), after six consecutive quarters of growth. This downturn is primarily attributed to the underperformance of the Samsung Galaxy Z6 series.

The report highlights a significant shift in the competitive landscape of the global foldable phone market. While Samsung remains the dominant player among the top five brands, its market share and growth momentum have been severely impacted. A detailed analysis of the top five brands in Q3 2024 follows:

Samsung: Facing a Challenge to its Reign

Samsung secured the top spot with a 56% market share. However, this represents a concerning 21% year-on-year decline and a 14-percentage-point drop in market share. While Samsung still holds a commanding lead, outpacing all other brands combined, its stagnant growth is undeniable. Despite its strong overseas presence, Samsung's product competitiveness is facing serious challenges. The poor performance of the Galaxy Z6 series directly contributed to this significant market share decline, opening opportunities for competitors.

Huawei: Steady Growth, Consolidating Second Place

Huawei secured second place with a 15% market share, achieving a 23% year-on-year growth and a two-percentage-point increase in market share. This demonstrates the effectiveness of Huawei's steady strategy in the foldable phone market. Continuous technological innovation and strong brand influence have enabled Huawei to maintain stable growth in a highly competitive environment. In stark contrast to Samsung's downturn, Huawei's growth sets a positive example for Chinese foldable phone manufacturers.

Honor, Motorola, Xiaomi: Rising Stars, Strong Growth

Honor claimed third place with a 10% market share, experiencing a remarkable 121% year-on-year growth and a two-percentage-point increase in market share. This strong growth reflects Honor's success in product innovation and market expansion. Its strategic positioning in the mid-to-high-end market and precise marketing strategies have quickly established it as a rising star in the foldable phone market.

Motorola ranked fourth with a 7% market share, achieving an astounding 164% year-on-year growth. This growth is mainly driven by the excellent performance of its smaller foldable phones in overseas markets. Notably, Motorola briefly held the global lead in the small foldable phone segment during Q2 2024. Motorola's success demonstrates the effectiveness of a differentiated competitive strategy within niche markets.

Xiaomi secured fifth place with a 6% market share, boasting a 185% year-on-year growth. The success of the Xiaomi MIX Flip was key to its entry into the top five. The MIX Flip's success proves that Xiaomi's competitiveness in the foldable phone market is rapidly improving, indicating significant future potential.

Collective Rise of Chinese Manufacturers, Challenging Samsung's Hegemony

Significantly, among the top five global foldable smartphone brands, all but Samsung experienced year-on-year growth exceeding 100%. This highlights the collective rise of Chinese foldable phone manufacturers and their dedication to technological innovation and market expansion. The strong growth of Honor, Motorola, and Xiaomi not only breaks Samsung's long-term monopoly but also foreshadows a more intense future market competition.

Samsung's Overseas Advantage, Challenges for Chinese Manufacturers

While Samsung maintains a dominant global market share, its lackluster growth reveals shortcomings in product innovation and market competition. The strong growth of Chinese manufacturers demonstrates their significant achievements in technological innovation and domestic market development. However, to truly challenge Samsung's dominance, Chinese manufacturers need to further enhance product competitiveness and aggressively expand into overseas markets to engage in direct competition with Samsung.

Currently, the market share of Chinese foldable phones in overseas markets remains relatively low, hindering further development. Chinese manufacturers need to increase R&D investment, continuously improve product technology and user experience, and strengthen brand building and marketing to achieve greater breakthroughs in international markets.

Future Outlook: Intensifying Competition, Huge Market Potential

The Q3 2024 global foldable smartphone market report indicates increasingly fierce competition, with Samsung's dominance facing serious challenges. The strong emergence of Chinese manufacturers has injected new vitality into the global foldable phone market. In the future, with continuous technological advancements and sustained consumer demand, the foldable phone market will maintain enormous growth potential. Chinese manufacturers need to seize opportunities, actively innovate, and further enhance product competitiveness to stand out in the fierce market competition and ultimately achieve overtaking. Samsung also needs to proactively address challenges, continuously improving its product strategy and market tactics to maintain its leading position. This global foldable smartphone market competition has only just begun.