Samsung loses dominance as Chinese manufacturers take over. In the first quarter of 2024, the market for foldable smartphones underwent an incredible transformation. Samsung, once the undisputed leader, saw a whopping 42% drop in sales and fell from grace. The new king is now HUAWEI, which saw an impressive growth of 257%, mainly thanks to Chinese customers.
Global sales of foldable smartphones increased by 49%, indicating that this market segment is still dynamically growing. For the first time in four years, sales of Fold models exceeded Flip sales, accounting for 55% of the market.
What led to Samsung’s downfall? Several factors played a role:
Offensive of Chinese manufacturers: HUAWEI, HONOR, and Motorola significantly strengthened their position by offering attractive models at competitive prices.
Lack of innovation: The current generation of Galaxy Z Fold and Z Flip did not offer enough innovation to encourage customers to upgrade.
Boredom: New models like Fold 5 and Flip 5 did not generate much interest.
HUAWEI exploited Samsung’s weaknesses and became the new market leader. Their success is mainly based on the Chinese market, where customers eagerly buy 5G foldable smartphones.
HONOR, with a 12% market share and a growth of 460%, also achieved impressive results. They owe this success not only to customers in China but also in Western Europe, where the Magic V2 model became the best-selling in its segment.
Motorola recorded a staggering growth of 1473%, ranking just below the podium. Their Razr 40/Razr 2023 model proved to be a hit in North America, and the company’s strategy is finally bearing fruit.
Xiaomi, although usually the second or third largest phone manufacturer in the world, does not play a significant role in the foldable smartphone market. The company’s activity in this segment is mainly limited to China, which proves to be insufficient for achieving global success.
Summary:
The foldable smartphone market is dynamically growing, and China is becoming a dominant force.
Samsung loses its position as a leader due to a lack of innovation and strong competition from Chinese manufacturers.
HUAWEI, HONOR, and Motorola are the new players reshaping the foldable smartphone market.
Xiaomi needs to catch up if it wants to play a significant role in this segment.
The future of the foldable smartphone market looks promising. Increasing interest and growing competition will force manufacturers to innovate continuously, which will undoubtedly result in even more attractive and functional devices for customers.