Honor is making its presence felt in the foldable smartphone market
Until recently, only Samsung dominated the foldable smartphone market, but now there are other major players.
The transformation of the smartphone industry has seen a revolutionary shift with the introduction of foldable smartphones. What was once merely an intriguing idea has swiftly transitioned into a mainstream trend, thanks to pioneering technological breakthroughs, state-of-the-art hinge mechanisms, and ingenious design principles. The global tech community, always eager for novel functionalities, has embraced these devices, lauding their unique attributes. Consequently, this new wave of innovation has drawn the spotlight, making foldable smartphones a focal point of discussion and admiration.
While various key players have stepped into the foldable domain, Samsung has been a forerunner on the global stage. Yet, Chinese giants like Honor and Huawei are not far behind. Their latest foldable smartphone releases in China have seen them swiftly rise in popularity, garnering significant attention.
Honor is making its presence felt in the foldable smartphone market
Recent data from Counterpoint reveals a striking shift in China's third quarter. Honor's Magic V2 clinched the top spot among “large foldable” smartphones, with Huawei's Mate X3 and Mate X5 tailing closely. Honor has made its mark robustly, claiming more than half of the large foldable smartphone market share.
In terms of sales metrics, Honor's Magic V2 boasts a remarkable achievement of 8 million units sold. The Magic Vs2, their newest foldable marvel, stands as a testament to their innovative prowess. It's characterized by a sophisticated design, protective dual screens, and an extraordinarily light frame. Interestingly, this latest device is touted as the world's most featherweight foldable flagship, surpassing its forerunner, the Honor Magic V2, by a marginal 2 grams.
The second quarter of 2023 documented a 10% YoY growth in the global foldable smartphone market. A lion's share of this surge, 58.6% to be precise, is attributed to the Chinese market. With Chinese manufacturers broadening their horizons and Samsung launching more devices, the prospect of foldable smartphones becoming a mass-market product by 2024 is ever more likely.
Reflecting on the dynamics of the Chinese market, Zhao Ming, Honor's CEO, predicts a rhythmic shift in market leadership between Honor and its competitor, Huawei. This oscillating dominance might soon become the norm in the foldable phone segment.
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