In a surprising turn of events, the third quarter of 2023 witnessed an unprecedented surge in the popularity of foldable smartphones, surpassing earlier predictions.
A recent report from Display Supply Chain Consultants (DSCC) unveils remarkable insights into the flourishing foldable smartphone market, attributing the surge to the launch of Samsung’s Galaxy Z Flip 5 and Galaxy Z Fold 5 in July, along with a notable increase in foldable smartphone releases from various brands, particularly in China.
According to the DSCC report, foldable smartphone shipments in Q3 2023 experienced a staggering 215 percent Quarter-on-Quarter growth and a substantial 16 percent Year-on-Year increase, reaching an impressive 7 million units.
Surpassing earlier expectations by 1 percent, this figure not only exceeded the previous record of 6.1 million units in Q3 2022 by 16 percent but also reflects the soaring demand for innovative foldable devices.
Samsung, the South Korean tech giant, emerged as the leader in market share during the quarter, securing a commanding 76 percent. The report notes a particularly strong demand for Samsung’s foldable smartphones in European markets.
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Taking the second position in market share is Huawei, claiming 9 percent. Huawei’s presence in the foldable smartphones market was marked by the launch of the Huawei Mate X3 in March 2023. The Mate X3 boasts a Snapdragon 8+ Gen 1 SoC, a 4,800mAh battery supporting 66W wired and 50W wireless charging, and features a distinctive book-style foldable design with a 7.85-inch OLED inner display.
Honor secured the third spot with an 8 percent market share, propelled by its Magic V2 model. This book-style foldable smartphone, introduced in the Chinese market, is powered by a Snapdragon 8 Gen 2 SoC and features a 5,000mAh battery with 66W Honor SuperCharge support. The Magic V2 impresses with a 7.92-inch interior display and a 6.43-inch outer screen, offering a compelling visual experience.
Looking ahead to Q4 2023, the DSCC report predicts a 35 percent Quarter-on-Quarter decrease in foldable smartphone shipments, amounting to 3.6 million units. Despite this anticipated decline, the market dynamics remain robust with a notable 47 percent year-on-year increase. Samsung’s market share is projected to decrease to 42 percent in the fourth quarter.
Ross Young, CEO of DSCC, emphasized the role of new entrants in the foldable smartphone arena, including Google Pixel Fold, OnePlus Open, Tecno Phantom V Flip, and Tecno Phantom V Fold. These fresh additions have played a pivotal role in propelling the rise in foldable smartphone shipments, signaling a dynamic and competitive landscape in the evolving world of mobile technology.