Federica Laricchia
Research expert covering the global consumer technology industry
A jump in the past and in the future at the same time – this is how we could describe foldable smartphones. Back in the early 2000s, flip phones were everywhere, such as those branded Nokia and Motorola. Then smartphones came in and revolutionized the mobile phone industry, combining mobile phone and computing capabilities. However, after almost two decades, the smartphone industry had become relatively saturated, with companies trying to innovate their repertoire. Hence the comeback of foldable features, but on smartphones, such as flip smartphones, book-style smartphones, and even smartphones that can be worn as a watch. So, is this the second smartphone revolution?
With the advancement of technology, we will see more and more new smartphone models, from foldables to AI smartphones and AI gadgets, bringing on the next generation of mobile devices. Foldables are just the beginning of the next smartphone revolution.
Foldables slowly on the rise
Still a more niche subsegment of the smartphone industry, the foldable smartphone market has grown in recent times in terms of shipments. Particularly, in 2024, around 25 million foldables were forecast to be shipped worldwide, and this number is expected to increase further in the near future. Meanwhile, several smartphone manufacturers have entered the foldable smartphone industry, including Samsung, Huawei, Xiaomi, and Google. In 2023, Samsung was by far the foldable market leader, shipping over 10 million units in that year. Huawei and Xiaomi followed, holding lower shares of the market. The models available on the market vary, all having different specifications, functionalities, and prices. For instance, the Xiaomi Mix Fold 3 was the foldable with the largest main and second displays, but the Samsung Galaxy Z Fold 5 and the Huawei Mate X5 were the most expensive phones, costing almost 2,000 U.S. dollars.Do consumers really want foldables? And why?
Over the decades, smartphones have become mainstream, with the number of smartphone users worldwide amounting to almost five billion in 2024. The question comes naturally: to what extent are consumers eager to experiment with new models? A 2023 survey conducted in the United States, China, and South Korea revealed that over half of American, Chinese, and South Korean smartphone users would be willing to purchase a foldable as their next smartphone. The reasons for wanting to purchase foldable phones are various, but cheaper prices are by far the most common among consumers, followed by screen and display advantages.With the advancement of technology, we will see more and more new smartphone models, from foldables to AI smartphones and AI gadgets, bringing on the next generation of mobile devices. Foldables are just the beginning of the next smartphone revolution.
