Trendforce has released its forecast for the foldable smartphone market over the next five years, including the remainder of 2023. Expectations are for shipments in 2023 to reach 18.3 million units, a market share of 1.6%, but in 2027 they will grow to 70 million, or 5% of the global smartphone market.
The foldable devices market is expected to surge after Chinese smartphone makers reduce production costs and expand availability. As the cost of components decreases, particularly panels and hinges, retail prices of foldables will also decrease, falling below $1,000.
According to Trendforce, Samsung is expected to sell 12.5 million foldable phones this year, taking up two-thirds of the market, down from 82% market share in 2022. Chinese contenders such as Huawei, with 2.5 million (share market share of 14%) of expected shipments and Oppo and Xiaomi (5% and 4% respectively) are the main reason why Samsung lost ground.
The main reason why Samsung dominated beyond its initial lead is the pandemic and Chinese manufacturers’ conservative approach towards overseas shipments. Currently, most Chinese brands only offer their foldable devices locally, and once they are ready to expand overseas, the overall foldable device market is expected to grow.
Trendforce also mentioned Apple in its report. Cupertino has yet to release a foldable, but analysts assume a foldable iPhone won’t arrive until minor issues, such as panel uniformity and hinge design, have been refined by component makers.
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