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The global foldable phone market size is projected to surpass US$ 6.8 Bn in 2021. Between 2021 and 2031, the market is expected to exhibit CAGR of 25.2%. In addition to this, sales of 16 GB RAM capacity phones are set grow at a CAGR of 34.2% over the assessment period.
Foldable phones combine the portability of a smart phone with a large screen of tablets, which is expected to attract a huge customer base over the forecast period. Leading players in the market such as Huawei and Samsung have been at the fore of foldable phone technology and they are expected to continue releasing newer products in the market.
FMI has forecast the foldable phone market to rise at 25.2% CAGR between 2021 and 2031, in comparison to the 10.2% CAGR registered during 2016-2020.
Rapidly increasing demand for modern consumer electronics, along with high adoption of mobile devices in the entertainment and gaming sector are anticipated to bolster sales of foldable phones in the forthcoming years.
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One of the chief drivers of the foldable phone market is advancements in the OLED display technology. Samsung, for example, uses OLED displays in mobile devices with foldable displays. Samsung’s first foldable phone features two screens: a large 7.3″ 1532×2152 (361 PPI) foldable AMOLED that folds inside and a smaller 4.5″ 840×1960 AMOLED that is used when the phone is closed. The company branded the display as the Samsung Infinity Flex Display.
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However, the foldable phone sector is expected to witness significant growth over the assessment period. Owing to lockdown restrictions and remote work culture, consumers are increasingly spending on upgrading their personal and professional devices, thereby resulting in increasing smartphone and laptop sales. This trend is projected to positively shape the demand outlook of foldable phones.
Besides this, COVID-19 has accelerated sales of numerous products through e-commerce. Social distancing has led to an increase in online shopping and has led to the introduction of new models such as click and collect, and third-party delivery. As a result, sales of foldable phones through online retail channels are projected to increase at a steady pace through 2031.