Global Foldable Smartphone Market Q3 2024: Samsung's Fall and the Rise of Huawei, Honor, and Xiaomi

Global Foldable Smartphone Market Q3 2024: Samsung's Fall and the Rise of Huawei, Honor, and XiaomiThe global foldable smartphone market experienced a significant shift in the third quarter of 2024. Counterpoint Research's latest data reveals a 1% year-on-year decline in global shipments, ending six consecutive quarters of growth and marking the first negative growth in Q3

Global Foldable Smartphone Market Q3 2024: Samsung's Fall and the Rise of Huawei, Honor, and Xiaomi

The global foldable smartphone market experienced a significant shift in the third quarter of 2024. Counterpoint Research's latest data reveals a 1% year-on-year decline in global shipments, ending six consecutive quarters of growth and marking the first negative growth in Q3. This indicates a market adjustment and a profound change in the competitive landscape.

Samsung Electronics, the long-time dominant player, suffered a major setback. Shipments plummeted by 21%, the only one of the top five brands to experience a decline. Market share also drastically shrunk from 70% in the previous quarter to 56%, a 14-percentage-point drop. This signifies a serious challenge to Samsung's dominance in the foldable phone sector. The underperformance of the Galaxy Z Fold6 and Galaxy Z Flip6 were major contributors to this decline. Particularly concerning was Samsung's mere 8% market share in China, starkly contrasting with its 82% share in other regions, highlighting a geographical disparity in its market strategy and its struggles in the Chinese market.

In sharp contrast to Samsung's downturn, brands like Huawei, Honor, and Xiaomi experienced a strong rise. Huawei, with its steady strategy, saw a 23% increase in shipments and a slight rise in market share from 13% to 15%, solidifying its second-place position. Its consistent growth demonstrates its competitiveness in the high-end foldable market.

Honor's growth was particularly remarkable, with a staggering 121% year-on-year increase in shipments and a doubling of its market share to 10%, propelling it to third place. This significant growth showcases Honor's success in capturing market share in the mid-to-high-end segment, rapidly closing the gap with leading brands.

Lenovo's Motorola also performed exceptionally well, experiencing a 164% surge in shipments and boosting its market share from a negligible level to 7%, claiming fourth place. This growth was primarily driven by overseas markets, indicating Motorola's increasing international competitiveness.

Xiaomi demonstrated the most impressive growth this quarter, with shipments soaring by 185% year-on-year, significantly outpacing other brands, and achieving a record-high 6% market share. The success of the Xiaomi MIX Flip and aggressive expansion into overseas markets were key factors in this remarkable growth. Xiaomi's success demonstrates that with competitive pricing and proactive market strategies, emerging brands can secure a significant foothold in the foldable smartphone market.

Its noteworthy that, excluding the top five brands, other foldable phone brands experienced a significant 33% drop in shipments, with market share plummeting from approximately 10% to 6%. This highlights the increasingly fierce competition and the immense survival pressure faced by smaller players.

In summary, the global foldable smartphone market in Q3 2024 presented a stark "two-sided coin" scenario. Samsung's decline highlights challenges in product innovation and market strategy, while the strong growth of Huawei, Honor, and Xiaomi showcases the competitiveness of emerging brands in the high-end and mid-to-high-end markets. The foldable phone market is no longer dominated by Samsung alone, but is instead a diversified market full of both opportunities and challenges. Future developments will be shaped by intensified competition and continuous technological innovation. Manufacturers must continuously improve product competitiveness and accurately grasp market demands to maintain a leading position in this rapidly evolving market. The shifting market share signals the entry of the foldable smartphone market into a more exciting era of competition. Samsung needs to reassess its strategic direction, while other brands need to seize opportunities and further consolidate their strengths to cope with increasingly fierce market competition. This quarter's data serves as a wake-up call for the entire industry chain, while also bringing new variables and expectations to the market.