July 21, 2024
Foldable Smartphone Market

Foldable Smartphone Market Is Estimated To Witness High Growth Owing To Advancements in Display Technology

The global foldable smartphone market is estimated to be valued at US$ 15.83 Bn in 2023 and is expected to exhibit a CAGR of 20.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Foldable smartphones are innovative devices that offer the functionality of a smartphone and a tablet in one device. These smartphones come with flexible displays that can be folded and unfolded, allowing users to switch between a compact smartphone and a larger screen tablet whenever required. The key advantages of foldable smartphones include enhanced portability, bigger viewing area, multitasking capabilities, and improved user experience. The demand for foldable smartphones is driven by the need for compact and versatile devices that offer a seamless transition between different screen sizes.

Market Key Trends:

One key trend in the foldable smartphone market is the increasing adoption of foldable displays by major smartphone manufacturers. Companies such as Samsung, Huawei, and Motorola have launched foldable smartphones with flexible OLED displays, providing users with a unique and immersive viewing experience. The advancements in display technology, including the development of ultra-thin glass and flexible OLED panels, have enabled the production of foldable displays that are durable and provide high-quality visuals.

The growing trend of multitasking and productivity on smartphones has also contributed to the demand for foldable smartphones. With a larger screen size, foldable smartphones enable users to perform multiple tasks simultaneously, such as running multiple apps side by side or using split-screen mode for enhanced productivity. The ability to switch seamlessly between smartphone and tablet modes offers convenience and flexibility to users in various scenarios, including work, entertainment, and gaming.

PEST Analysis:

  • Political: The political factors influencing the foldable smartphone market include government regulations and policies related to technology, intellectual property rights, and data privacy. Governments’ stance towards trade relations and taxation policies can also impact the market’s growth.
  • Economic: The economic factors affecting the foldable smartphone market include the overall economic conditions such as GDP growth, disposable income levels, and consumer spending patterns. Currency exchange rates and inflation rates also play a role in determining the affordability and demand for foldable smartphones.
  • Social: The social factors influencing the foldable smartphone market include changing consumer preferences, adoption of new technologies, and lifestyle trends. The increasing digitalization and reliance on smartphones for various activities can drive the demand for foldable smartphones.
  • Technological: The technological factors influencing the foldable smartphone market include advancements in display technology, battery life, durability, and processing power. The ability of foldable smartphones to offer larger screen sizes in a portable form factor is a key technological advantage driving their adoption.

Key Takeaways:

Market Size: The Global Foldable Smartphone Market Demand is expected to witness high growth, exhibiting a CAGR of 20.4% over the forecast period of 2023-2030. The market is estimated to be worth US$ 15.83 billion in 2023. The increasing consumer demand for innovative and advanced mobile devices is driving the growth of the foldable smartphone market.

Regional Analysis: The Asia Pacific region is expected to be the fastest-growing and dominating region in the foldable smartphone market. This can be attributed to the presence of major smartphone manufacturers, increasing disposable incomes, and the adoption of new technologies in countries like China, South Korea, and Japan.

Key Players: Key players operating in the foldable smartphone market include Huawei, Lenovo Group Ltd., LG Electronics, Microsoft, Motorola, Oppo Co. Ltd, Royole, Samsung, Sony, TCL, and Xiaomi. These players are actively involved in product innovations, strategic partnerships, and mergers & acquisitions to gain a competitive edge in the market.

Overall, the foldable smartphone market is poised for significant growth in the coming years driven by technological advancements, changing consumer preferences, and increasing demand for larger screen sizes in portable devices. The Asia Pacific region is expected to lead in terms of market share, while key players are continuously striving to introduce innovative products to stay ahead in the competitive market.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it