Foldable smartphone shipments are forecast to increase by a CAGR of 53 percent between 2021 and 2024 to exceed 30 million in 2024, Canalys forecasts.
Foldable smartphone business segment is forecast to grow by a CAGR of 122 percent between 2019, the year the first foldable products launched, and 2024.
Driven by Samsung, foldable smartphone shipments reached 8.9 million in 2021, Canalys said today. The foldable segment grew 148 percent year on year despite high price tags, while the overall smartphone market only grew 7 percent.
An IDC report earlier said the foldable phone market will reach a total of 4.0 million foldable phones in 2021, up 106.6 percent from the 1.9 million units shipped in 2020. Total foldable shipments worldwide will reach 13.9 million units by 2025, resulting in a CAGR of 48.1 percent for 2020–2025.
“The key catalyst for foldable smartphones has been the booming use of large-screen devices during the pandemic,” said Runar Bjorhovde, Research Analyst at Canalys. “As consumers are constantly looking for a better experience on their day-to-day mobile devices, the bar has now been set even higher by the productivity and entertainment experience on large screens.”
“Foldable form factors are appealing to early adopters and high-end users,” said Toby Zhu, Canalys Analyst. “Android vendors are under big pressure in the premium segment, as shipments of US$800-plus smartphones have fallen 18 percent below the 2019 level while iOS shipments have grown 68 percent over the same time.”
“The supply chain ecosystem for foldable devices has developed rapidly, thanks to Samsung. While there are an increasing number of suppliers for foldable displays, hinges and other key components, device vendors are highlighting innovative engineering solutions and product designs for a better user experience while pushing down prices,” said Amber Liu, Research Analyst at Canalys.
Last November, Google’s Android Dev Summit brought new features for foldable and dual-screen app developers, providing a vital booster for this category with promising user experience improvements likely to come soon.
