Global Foldable Smartphone Shipments Fall For First Time, Samsung Loses Ground: Counterpoint

The global foldable smartphone market experienced its first quarterly decline in the first quarter (Q1) of 2024, with shipments dropping one per cent year-on-year, according to a new Counterpoint Research report. 

The downturn in the foldable category highlights shifting dynamics in the rapidly evolving smartphone landscape.

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Samsung's Dominance Challenged

Samsung, long-standing market leader, saw its market share shrink from 70 per cent in Q3 2023 to 56 per cent in Q3 2024. The company's latest flagship models, the Galaxy Z Fold 6 and Galaxy Z Flip 6, failed to replicate previous success, resulting in a significant 21 per cent  year-on-year decline in shipments.

“The global foldable market appears to have entered a transitionary phase where it is facing challenges as it progresses from a niche segment to the mainstream. User satisfaction is particularly high with book-type foldable devices, but the prohibitively high prices remain the biggest obstacle to mass adoption. If manufacturers give serious consideration to improving price accessibility, along with achieving further technological reliability and enhancing consumer perceptions, this phase can be overcome, Jene Park, Senior Analyst at Counterpoint, said in a statement.

Rising Challengers Shake Up Foldables Market

Huawei has emerged as a strong contender, increasing its market share from 13 per cent to 15 per cent and recording an impressive 23 per cent year-on-year growth. Meanwhile, Honor and Motorola are making significant strides, capturing 10 per cent and 7 per cent of the market, respectively.

The most remarkable performances came from smaller foldable players:

• Honor achieved a stunning 121 per cent year-on-year growth
• Motorola impressed with a 164 per cent increase
• Xiaomi topped the growth charts with an extraordinary 185 per cent expansion, driven by its debut clamshell smartphone, the Mix Flip