Samsung seeks increased profits

The advent of foldable phones has seen a surge in popularity, with nearly all manufacturers, excluding Apple, adopting the flexible OLED technology. However, Apple isn't far behind as they are also undertaking studies in this regard. Samsung, having rapidly adopted the foldable technology, recently launched its latest foldable phones, the Galaxy Z Fold 5 and Z Flip 5, further establishing its pioneering status in this field.

Samsung, with high expectations for this technology, is planning for foldable phones to constitute 20% of its premium sales globally by 2023. This focus on premium smartphones is critical for manufacturers as it's these high-end devices that contribute the most towards their revenue. Apple, despite selling fewer units than Samsung for many years, generates more profits, a result of selling flagship products rather than entry-level or mid-range models such as the Galaxy M and A series. Samsung intends to emulate this success with its foldable smartphones.

Samsung seeks increased profits

During a recent meeting, Roh Tae-moon, the president and head of Samsung Electronics' mobile business, shared the company's plans, emphasizing the importance of 2023 for their mission to sell more foldable phones. He envisages these devices contributing more than 20% to the total Galaxy smartphone sales worldwide.

Roh is hopeful for the year ahead, stating, "This year will be very important for Samsung. We want to make foldable phones popular." In a few years, Samsung aims to sell up to "100 million foldable phones each year worldwide." These projections are derived from multiple industry reports.

Samsung plans for half of its smartphone sales to come from foldable models by 2025. This indicates the significance of foldable phones for the company, similar to its Galaxy S series. The company is already a market leader in the foldable phone sector, commanding a significant 77% of the global foldable phone market share in 2022. However, its ability to maintain this success in the future remains uncertain, particularly in a market projected to reach 48.1 million units by 2027.

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