Shipments of foldable phones are projected to hit 17.8 million units in 2024, accounting for only 1.5 percent of the overall smartphone market. Despite high repair rates and costs, market penetration is expected to rise to 4.8 percent by 2028, according to TrendForce report.
Samsung, a pioneer in the foldable phone market, held over 80 percent of the market share in 2022. However, facing increased competition from various brands in 2023 and 2024, Samsung’s share has fallen below 60 percent and is now struggling to maintain 50 percent.
Huawei made significant progress with its 4G Pocket S in 2023, boosting its market share to 12 percent. In 2024, Huawei released upgraded 5G models like the Mate X5 and Pocket 2. The company is also set to launch the world’s first tri-fold phone in Q3, potentially increasing its market share to nearly 30 percent.
Motorola and Nubia Stand Out in 2024 Foldable Phone Market with Competitive Pricing
Other brands such as Xiaomi, Oppo, and Vivo have struggled to grow their foldable phone sales, each falling below 1 million units. Meanwhile, Motorola made a strong entry with its Razr 40 and Razr 40 Ultra — priced between CNY 3,999 and 5,699 — projected to exceed 1 million units and capture a 6 percent market share.
Pricing has become a key factor in attracting customers to foldable phones, prompting brands to focus on enhancing display performance, reducing creasing, and cutting overall costs.
Chinese brand Nubia launched the Nubia Flip in Japan this year at a price of US$499. Beyond Japan and China, Nubia has started pre-sales in various markets, showing promising sales prospects. TrendForce notes that the Nubia Flip likely uses hinges from Chinese suppliers and foldable OLED panels from Chinese manufacturers, significantly reducing product costs to achieve a competitive price point.
Speculation about Apple entering the foldable phone market continues to circulate. TrendForce indicates that Apple is still evaluating component specifications and performance, with stringent requirements for crease and reliability. Apple is unlikely to release a foldable phone before 2027, but its entry could dramatically alter market dynamics.
