People have been Buying Less Foldables, New Data Shows
Since their arrival on the scene, foldable phones have been occasionally touted by some manufacturers as the next big evolution in smartphone hardware, featuring premium-looking designs and high-end specs. While they have seen growing adoption over the years, new data indicates that this might not be the case anymore, at least for 2024.
According to Counterpoint Research, global foldable smartphone shipments have decreased by 1% year-over-year (YoY), the first Q3 for the foldable market. Samsung did retain the top spot with 56% market share, although overall it did see a 21% YoY drop in shipments. Data shows that the Galaxy Z Fold 6 did moderately well in terms of sales, although the Z Flip 6 struggled to match that of its predecessor, the Z Flip 5.
Interestingly, other brands like Xiaomi, Motorola, and HONOR reported the highest YoY shipment growth for the quarter, with 185%, 164%, 121% growth, respectively. Huawei managed a 23% increase in performance, although it’s obviously nowhere near the numbers put up by rival brands. Jene Park, Senior Analyst at Counterpoint comments:
The global foldable market appears to have entered a transitionary phase where it is facing challenges as it progresses from a niche segment to the mainstream. User satisfaction is particularly high with book-type foldable devices, but the prohibitively high prices remain the biggest obstacle to mass adoption. If manufacturers give serious consideration to improving price accessibility, along with achieving further technological reliability and enhancing consumer perceptions, this phase can be overcome.
Source: Counterpoint Research