The foldable phone market study by Future Market insights (FMI) is intended to offer exclusive insights into growth drivers, restraints, and opportunities affecting growth in the market. Latest trends across various segments in terms of display size, RAM capacity, and price range are discussed in detail. The study also provides detailed analysis on growth strategies adopted by key market players.
ESOMAR-certified market research firm Future Market Insights (FMI) in its latest market analysis forecasts the foldable phone market to register year-on-year (YoY) growth at 20.3% through 2021, surpassing a valuation of around US$ 6.8 Bn by the end of the year.
Rapid shift from personal computers and laptops to foldable phones, will enable growth in the market at a CAGR of 25.2% between 2021 and 2031. FMI forecasts the overall sales of foldable phones to total US$ 65 Bn by 2031.
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Foldable phones combine the portability of a smart phone and the large screen of a tablet. They allow access to a larger tablet-like display when needed by unfolding the device. The extra screen size along with folding feature offers allows users to perform multiple tasks.
Proliferation of remote working and bring your own device (BYOD) trends has spurred the sales of foldable phones. Flexibility and convenience of these devices make them ideal for complementing remote working set-up.
Foldable phones come with bigger batteries and better storage capacity. They are ideal replacement for bulky laptops and tablets. Gaming enthusiasts are increasingly purchasing foldable phones for a better gaming experience. This will help the market gain traction in the coming years.
According to the study, store-based retailing will remain highly sought-after sales channel, with multi-brand stores accounting for 28.2% of the global market in 2021. However, with the rise of e-commerce, online retailing is expected to take over the spotlight during the forecast period.
In modern world people are more inclined to purchase thing online to save their time as well as money. Demand in the online retailers segment is expected to grow at a prolific CAGR of around 38.1% between 2021 and 2031.
The North America foldable phone market is projected to rise at a CAGR of 28.3% between 2021 and 2031. Besides this, FMI has projected the sales of foldable phones to consistently rise in South Korea, Japan, China, and the U.S.
“Innovations in the foldable mobile design and technology will accelerate the market growth during the forecast period. Leading market players are adopting strategies such as advertising, branding and marketing through online and offline channels, alike, to lure customers and strengthen their global footprint,” says the FMI analyst.
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Key Takeaways from Foldable Phone Market Survey
- China will emerge as one of the most lucrative markets for foldable phones, accounting for over 42.7% share in East Asia through 2021.
- Owing to early adoption of latest technologies, the U.S. is expected to account for over 79.5% of market share in North America by 2021 end.
- India is expected to account for over 32% of the market share in South Asia.
- Based on display size, the under 6-inch display segment is projected to hold around 44.6% of the global foldable market share in 2021.
- With better processing speed with affordable features, foldable phones with 12 GB RAM are likely to dominate the market with around 46% share in 2021.
- Growing popularity of foldable phones as a viable alternative for laptops and personal computers is enabling swift growth in the market.
- Availability of foldable phones with latest processors, various display sizes, high storage capacity, and improved RAM will bode well for the market.
- High cost of foldable phone is hampering the market growth. Foldable phones are usually costlier than the conventional smartphones. This could hamper growth of the market to an extent.
Key players operating in the foldable phone market are focusing on expanding their product portfolio by integrating latest technologies in their products. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
- In August 2021, Samsung launched first water-resistant folding phone “Galaxy Z Fold3” and google watch. The new and improved Galaxy Z Flip3 folding mobile has 1.9in display on the outside for notification and widgets, as well as faster 120Hz folding display within the clamshell.
- In February 2021, Huawei launched new Mate X2 foldable smartphone amid the U.S. sanctions. The Mate X2 is Huawei’s third foldable smartphone, which succeeds the original Mate X and Mate Xs. The Mate X2 is heavily inspired by Samsung Galaxy Z Fold 2.
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Some of the prominent players operating in the foldable phone market profiled by FMI are:
- Samsung Group
- Huawei Technologies Co., Ltd
- Microsoft Corporation
- Xiaomi Corporation
- Royole Corporation
- Motorola (Lenovo Limited)
- TCL Technology
- LG Corporation
- ZTE Corporation
- Sony Group Corporation
- AsusTek Computer Inc.
More Insights on the Global Foldable Phone Sales Outlook
FMI provides an unbiased analysis of foldable phone market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for foldable phone with a detailed segmentation on the basis of:
- Under 6 inches
- 6-7 Inches
- 7-8 Inches
- 8 Inches & Above
- 8 GB
- 12 GB
- 16 GB
- 256 GB
- 512 GB
- US$ 500- US$ 1,500
- US$ 1,500- US$ 2,000
- US$ 2,000 & Above
- Hypermarkets/ Supermarkets
- Specialty Stores
- Multi-brand Stores
- Independent Small Stores
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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Key Questions Covered in the Foldable Phone Sales Outlook Report
- The report offers insight into foldable phone demand outlook for 2021-2031
- The market study also highlights projected sales growth for foldable phone market between 2021 and 2031
- Foldable phone market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Foldable phone market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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