Continuous evolution of smartphones has facilitated the innovation in display technologies, with foldable displays emerging as the latest component to take the industry by storm. According to a recent report by Future Market Insights (FMI), the foldable phone market is expected to surpass a valuation of US$ 65 Bn, growing at a CAGR of over 25.2% through 2031.
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The foldable phone market is projected to expand at an impressive pace owing to rapid advancements in technology, improvements in design, stronger functionality, and product up-gradation. This is anticipated to bode well for the global foldable phone market in the forthcoming years.
Increasing consumer awareness regarding the latest trends in smartphone technologies is fueling demand for innovative smartphones. As a result, some well-known companies have been patenting their design architecture for soon-to-be-released folding phones. Apple Inc., for example, has patented its folding smartphone technology with a hinge heating technology to protect it from wear and tear over time.
Also, smartphone makers are experimenting with technologies and features in their foldable smartphones, which can be seen in Samsung Galaxy Fold and Motorola Razr, as these phones have a unique design but prefers front-to-front fold display technology.
Furthermore, in April 2021, Oppo launched two new foldable phones in the market, both with an inward-folding design. Vivo is also expected to release a folding phone with an inwards folding design, while Xiaomi has already released the Mi MIX Fold.
Another trend that is propelling the foldable phone market is the implementation of work from-home culture. Rising viewership and increasing interest of individuals towards job opportunities that offer remote work has led increasing demand for reliable and efficient electronic products. This is anticipated to provide impetus to foldable phone sales in the forthcoming years.
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- Based on display size, the under 6 Inches display segment is expected to hold a 44.6% of the total foldable phone market share in 2021.
- Foldable phone with a 12 GB RAM are likely to dominate the market in 2021, accounting for over 46% of the total market share.
- Under the storage segment, foldable phone with the storage space of 256 GB will hold more than half of the total foldable phone market share in 2021.
- US$500-1,500 is projected to hold the leading share in the market in 2021, accounting for nearly half of sales.
- Sales of foldable phones through online retail channels are projected to grow at a prolific 38.1% CAGR through 2031.
- China will emerge as an attractive foldable phone market, accounting for over 40% of the market share in East Asia 2021.
- The U.S. will dominate the North America foldable phone market with nearly 80% the market share over the forecast period.
- India is projected to account for more than one-third of the South Asia foldable phone market share in 2021.
““Increasing sales of consumer electronics through online channels, along with smart promotional activities adopted by key market players such as influencer marketing and celebrity endorsements are anticipated to spur demand for foldable phones over the assessment period,” says a FMI analyst.
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Who is Winning?
Leading players in the foldable phone market 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., Energizer among others.
Leading manufacturers of foldable phones are focusing on promotional strategies, advertisements, and new product launches to improve sales of foldable phones. Apart from this, mergers, acquisitions, and strategic collaborations will remain prominent growth strategies among key market players over the assessment period. For instance:
- In 2021, Xiaomi launched their first foldable smartphone, Mi MIX FOLD, at the Spring 2021 New Product Launch. Equipped with a large 8.01” WQHD+ resolution flexible internal display and a 6.52” external display, this innovative new device touts the largest foldable display on any smartphone.