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Global Foldable Phone Market Experiences a Cold Snap in Q3 2024: Samsung's Dominance Challenged, China Market Crucial

Mobile Internet 2024-11-27 14:13:18 Source:

Global Foldable Phone Market Experiences a Cold Snap in Q3 2024: Samsung's Dominance Challenged, China Market CrucialThe global foldable phone market experienced a significant downturn in the third quarter of 2024, with shipments declining by 1% year-over-year. This marks the first year-over-year decrease since the market's emergence, ending a six-quarter streak of growth and representing the first negative growth in any Q3

Global Foldable Phone Market Experiences a Cold Snap in Q3 2024: Samsung's Dominance Challenged, China Market Crucial

The global foldable phone market experienced a significant downturn in the third quarter of 2024, with shipments declining by 1% year-over-year. This marks the first year-over-year decrease since the market's emergence, ending a six-quarter streak of growth and representing the first negative growth in any Q3. A report from market research firm Counterpoint Research attributes this primarily to lower-than-expected sales of Samsung's Galaxy Z Fold6 and Galaxy Z Flip6.

While Samsung still holds the top spot with a 56% market share, its shipments plummeted by 21% year-over-year, highlighting a significant slowdown and a serious challenge to its dominant position. The report points to Samsung's weak performance in China, where it holds only an 8% market share a stark contrast to its 82% share in other global markets. This disparity significantly hinders Samsung's overall growth. In China, Samsung faces intense competition from domestic brands such as Motorola's sub-1000 USD Razr series and Honor's lightweight Magic V series, which have successfully captured market share with competitive pricing and features.

Global Foldable Phone Market Experiences a Cold Snap in Q3 2024: Samsung

In contrast to Samsung's struggles, Chinese brands like Huawei and Honor demonstrated strong growth in Q3. Driven by the continued strong sales of the Mate X5 and Pocket 2 in the domestic market, Huawei's foldable phone shipments increased by 23% year-over-year, achieving a 15% market share. Honor, leveraging its technological innovation and marketing prowess, saw a remarkable 121% surge in shipments, boosting its market share to 10%.

Motorola also performed exceptionally well, with a 164% increase in Q3 shipments and a 7% market share. This success is largely attributed to its Razr series' competitive pricing, attracting price-sensitive consumers.

Xiaomi actively participated in the foldable phone market competition, reaping rewards from its first clamshell phone, the Mix Flip, and its expansion into overseas markets. Xiaomi's foldable phone shipments soared by 185% year-over-year in Q3, achieving a record-high 6% market share, showcasing its strong growth potential.

Counterpoint Research's report reveals a polarized Q3 2024 global foldable phone market. Samsung, the market leader, experienced a significant decline in shipments and sluggish growth, while Chinese brands like Huawei, Honor, Motorola, and Xiaomi demonstrated robust performance with significant increases in both shipments and market share.

Samsung's difficulties stem primarily from its underperformance in the Chinese market. While dominating other global markets with an 82% share, its mere 8% share in China highlights a significant weakness and an inability to effectively adapt to Chinese consumer demands and market dynamics.

The success of Chinese brands is attributed to precise market positioning and product strategies. Honor's Magic V series focuses on lightweight design, while Motorola's Razr series targets the sub-1000 USD price segment, effectively catering to diverse consumer needs and capturing market share from Samsung.

Xiaomi's success is a result of its aggressive overseas expansion and competitive product offerings. The Mix Flip filled a gap in Xiaomi's foldable phone lineup, further strengthening its competitiveness.

In conclusion, the Q3 2024 global foldable phone market presents a complex and challenging landscape. While Samsung maintains its leading market share, its sluggish growth and poor performance in China indicate a growing threat to its dominance. The strong growth of Chinese brands like Huawei, Honor, Motorola, and Xiaomi signals an intensifying global competition and a more diversified market. The future will see even greater competition, requiring continuous innovation from all players. Samsung needs to critically reassess its Chinese market strategy and seek breakthroughs to solidify its global leadership. The rise of Chinese brands injects new vitality into the market, and their success provides valuable lessons for other manufacturers. Ultimately, consumers will benefit from a wider range of more affordable foldable phones. This market's future development warrants continued observation.

Tag: Market Global Foldable Phone Experiences Cold Snap in Q3


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