Foldable Phone Market Cools in Q3 2024: End of Continuous Growth Streak

Foldable Phone Market Cools in Q3 2024: End of Continuous Growth StreakA report from Counterpoint Research, published on the 28th, reveals that the global foldable phone market experienced a downturn in the third quarter of 2024, with shipments declining by 1% year-over-year. This marks the first year-over-year decline after six consecutive quarters of growth, and the first negative growth in the third quarter in the history of this segment, signifying an adjustment period for this once-hot market

Foldable Phone Market Cools in Q3 2024: End of Continuous Growth Streak

A report from Counterpoint Research, published on the 28th, reveals that the global foldable phone market experienced a downturn in the third quarter of 2024, with shipments declining by 1% year-over-year. This marks the first year-over-year decline after six consecutive quarters of growth, and the first negative growth in the third quarter in the history of this segment, signifying an adjustment period for this once-hot market.

While the overall market declined, the report shows that the competitive landscape among leading brands remains stable. Samsung, leveraging its strong brand recognition and technological prowess, maintained its dominant position with a 56% market share, significantly outpacing competitors. Huawei secured second place with a 15% market share, demonstrating its competitiveness in the high-end smartphone market. Honor followed closely behind, claiming 10% market share and solidifying its position in the foldable phone market.

The decline in foldable phone shipments can be attributed to several factors. Firstly, the ongoing global economic downturn has dampened consumer demand for high-end electronics. Secondly, the high price point of foldable phones restricts market penetration, preventing them from becoming mainstream consumer electronics. Furthermore, some consumers remain hesitant due to concerns about the durability and reliability of foldable phones.

It's important to note that while Q3 2024 saw a market decline, this doesn't necessarily signal a prolonged slump. As technology matures and prices gradually decrease, foldable phones are expected to gain wider market acceptance. Technological innovation and market strategies from leading manufacturers will significantly influence the future development of the foldable phone market. Companies are actively developing innovative products and features to attract more consumers. Future competition will intensify, requiring continuous improvement in product competitiveness to maintain a market presence. Whether Samsung, Huawei, and Honor can retain their leading positions, and whether other players can emerge, will be key focal points for future market observation.