Foldable Smartphone Sales Hit a New Record in Q3

Foldable smartphone shipments recorded strong growth in the third quarter of 2023, reaching an all-time high of 7 million units sold, according to a new report from Display Supply Chain Consultants (DSCC).

Sales jumped 215% compared to the previous quarter and rose 16% year-over-year, beating the previous peak of 6.1 million units set in Q3 2022. This record quarter was driven by new launches from Samsung and increased competition from Chinese brands.

Samsung remained the dominant player with 72% market share thanks to the Galaxy Z Flip 5 and Z Fold 5 launch. However, this was lower than Samsung's 86% share in Q3 2022 as other manufacturers gained ground.

Huawei captured the second spot with a 9% share, followed closely by Honor at 8%. The Mate X3 and Magic V2 were the second- and third-best-selling models, respectively.

In Q4 2023, DSCC predicts foldable smartphone shipments will decline 35% quarter-over-quarter to 3.6 million units due to lower volumes for Samsung's latest flip and fold models. However, sales are forecast to rise 47% compared to Q4 2022.

Samsung's market share is expected to drop sharply to 42% as Chinese brands increase production. Huawei is projected to surge to 21% share while Honor gains to 19%. The Mate X5 and Magic V2 could overtake Samsung's Z Fold 5 in the top sales rankings.

For the full year, foldable shipments are forecast to grow 23% to reach 15.8 million units. The Galaxy Z Flip5 and Z Fold5 will likely remain the best-selling models, but Chinese brands are gaining ground rapidly in the booming foldable market.