According to a new report published by Allied Market Research, titled, “Foldable Smartphone Market,” The foldable smartphone market was valued at $17.6 billion in 2021, and is estimated to reach $174 billion by 2031, growing at a CAGR of 26% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Foldable smartphones are featured on flexible screen technology that can be twisted and folded like paper. In addition, a flexible screen is an emerging technology and it is expected to modernize semiconductors and electronics shortly. This is due to the high demand for foldable screens from smartphone manufacturers and rapid innovations in OLED and AMOLED technologies. These are the various foldable screens developed by companies such as Samsung Electronics, LG, Visinox, and Huawei with different specifications on pixel density, thickness, and material used.
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Furthermore, an increase in demand for advanced consumer electronics and a growing number of internet users is boosting the growth of the foldable smartphone market. In addition, the rising demand for Phablet positively impacts the growth of the foldable smartphone market. However, the high cost of advanced technology and manufacturing complexity of foldable displays is hampering the foldable smartphone industry growth. On the contrary, expanding the product portfolio of smartphone vendors is expected to offer remunerative opportunities for expansion during the foldable smartphone market forecast.
Foldable Smartphone Market Segmentation:
Based on display panel type, the flip pulp segment was the largest market in 2021, contributing to nearly three-fourths of the global foldable smartphone market share, and is expected to maintain its leadership status during the forecast period. This is due to the low cost of flip foldable smartphones as compared to foldable smartphones, making it more affordable. On the other hand, the fold segment is projected to witness the fastest CAGR of 28.4% from 2022 to 2031, owing to the increasing demand for modern consumer electronics along with the high adoption of mobile devices in the entertainment and gaming sector.
Based on sales channel, the online segment held the largest market share of more than half of the global foldable smartphone market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 27.0% from 2022 to 2031. The growth of the segment is owed to its advantage of saving more time as compared to the offline medium.
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Based on region, North America was the largest market in 2021, capturing more than two-fifths of the global foldable smartphone market share and likely to lead in terms of revenue in 2031, owing to the presence of various smartphone companies in the region, resulting in the easy availability of smartphones at a lower price. However, the market in Asia-Pacific is expected to manifest the fastest CAGR of 28.6% during the forecast period. This is due to the rise in demand for advanced consumer electronics and the high adoption of foldable smartphones in the entertainment and gaming industries in the region.
Leading Foldable Smartphone Market Players
- Xiaomi Corporation
- AsusTek Computer Inc.
- LG Electronics Inc.
- Vivo Mobile Pvt. Ltd.
- Royole Corporation
- Huawei Technologies Co., Ltd.
- Microsoft Corporation
- Motorola Mobility LLC
- ZTE Corporation
- Samsung
The report analyzes these key players of the global foldable smartphone market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Covid-19 Scenario
- The outbreak of COVID-19 negatively impacted the foldable smartphone market in 2020, as production and sales of companies reduced and operations halted. The implementation of stringent rules and the practice of maintaining social distancing across the globe impacted the domestic and international production negatively, thereby hampering the overall market growth.
- There was a shortage of mobile chipsets in the market due to halt in production. Several manufacturing companies such as Samsung, Xiaomi, OPPO, and LG Display suspended their manufacturing operations in China, India, South Korea, and European countries.
- The market is now recovering with the pandemic situation coming back to normal.
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