Foldable smartphone market thrives with impressive 10% year-over-year growth in Q2 2023

The global foldable smartphone market demonstrated a remarkable 10% year-over-year growth in the second quarter of 2023, reaching a total of 2.1 million units shipped, as reported by Counterpoint Research. This positive trend sharply contrasts with the overall smartphone market, which experienced a 9% year-over-year decline during the same period.

Foldable smartphone market thrives with impressive 10% year-over-year growth in Q2 2023

Driving this growth, the Chinese market emerged as a significant contributor to the global foldable smartphone sector. Notably, in the second quarter of 2023, shipments in China's foldable smartphone market surged by an impressive 64% year-over-year, reaching a substantial 1.2 million units. Consequently, China now commands a substantial 58.6% share of the global foldable smartphone market.

China's robust presence in the foldable phone arena can be attributed to its diverse array of foldable smartphone offerings. Out of the 18 foldable smartphones launched globally in the second quarter of 2023, a mere 11 were introduced outside of China. This discrepancy translates into seven additional foldable smartphone options available to Chinese consumers.

For instance, popular foldable models like the Xiaomi Fold 3, Huawei Mate X3, Oppo Find N3, and Vivo X Flip are exclusively accessible within the Chinese market. During Q2 2023 alone, China witnessed the introduction of five new foldable smartphones tailored specifically for its market, while the global market outside of China only saw two such launches.

Excitingly, Chinese manufacturers are now taking steps to extend their foldable smartphone offerings to international markets, a move expected to fuel further growth in the upcoming months.

Samsung is poised to play a pivotal role in shaping the foldable phone market's growth trajectory in the latter half of 2023. The tech giant is set to introduce its latest offerings, the Galaxy Z Fold 5 and Galaxy Z Flip 5 foldable smartphones. Counterpoint Research Senior Analyst Jene Park anticipates that the era of mass-market foldable phones will commence in 2024, led by Samsung and Huawei's entry-level foldable models, which are projected to be priced between $600 and $700, making them more accessible to a wider range of consumers.