Shipments of super premium foldable phones are set to double year-on-year (YoY) in 2024, with the segment witnessing a surge of new entrants, primarily from Chinese players, aiming to challenge market leader Samsung.
According to Counterpoint Research, Samsung held a commanding 83 per cent share in the preceding year, down from 100 per cent the year before, reflecting increased competition in the foldable phone market.
Market research firms IDC and Counterpoint Research reported slightly differing shipment figures for foldable phones in 2023, with estimates ranging from half a million to nearly a million units shipped. Both firms predict that 2024 will be the year when shipments cross the one million mark, indicating significant growth in the segment.
Despite facing intensified competition, Samsung is expected to maintain its dominance in the foldable phone market in 2024, owing to its first-mover advantage and the maturity of its product lineup. Newer entrants, such as OnePlus and Oppo, are launching their first-generation foldable offerings, facing challenges in competing neck-to-neck with Samsung.
Consumer demand for premium foldable phones is on the rise, driven by clear use-cases such as gaming, content creation, consumption, and productivity enhancements. Samsung has capitalised on this trend by refining its products based on consumer needs and collaborating with popular apps to optimise software for the foldable form factor.
Chinese brands entering the foldable phone market are addressing the shortcomings of Samsung devices by introducing innovative features. For example, OnePlus offers a foldable phone with a wider outer screen, enhancing usability for daily tasks. Oppo has innovated on the cover display of its flip phone, while Motorola and Tecno are focusing on competitive pricing strategies.
However, pricing remains a significant barrier for Chinese players, with foldable phones typically priced around USD 1200-1300, significantly higher than the usual range of Chinese brand offerings, which rarely exceed USD 600-700. To make these devices more accessible, brands are exploring financing options and launching aggressive pricing strategies.
For instance, OnePlus offers long-tenure financing schemes for its foldable phone priced above Rs 1 lakh, marking the company’s first device to surpass that price threshold. Similarly, Motorola and Tecno have introduced flip and fold devices at more competitive price points, accompanied by demonstrations of durability through testing videos.
