China foldable smartphone shipments are seeing slow growth this year, according to Counterpoint Research, even as the country is set to account for more than 50 percent of 2024 global shipments of the handset segment.
Foldable phone shipments in China, the world's largest smartphone market, are expected to reach 9.1 million units this year, up 2 percent from 2023, according to Counterpoint's latest market report published on Friday.
That is in stark contrast to the triple-digit annual percentage growth rates recorded in previous years, including 103 percent in 2023, 191 percent in 2022 and 442 percent in 2020.
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China's slower foldable phone shipment forecast reflects the recent global drop in demand.
Global foldable phone shipments saw a 1 percent year-over-year decline in the three months ending in September after six consecutive quarters of growth, according to a Counterpoint report from November.
Samsung Electronics' Galaxy Z Flip 6 smartphone will be displayed at an event in Seoul, South Korea, on July 8, 2024. Photo EPA-EFE alt=Samsung Electronics' Galaxy Z Flip 6 smartphone will be displayed at an event in Seoul, South Korea, on July 8, 2024. Photo EPA-EFE>
That marked the first-ever third-quarter decline in the segment's history, largely attributed to Samsung Electronics' a “relatively disappointing performance” with its Galaxy Z Flip 6 and Fold 6 models, the report said.
The global foldable smartphone segment has entered a “transitional period, where it faces challenges as it progresses from a niche segment to the mainstream”, Counterpoint senior analyst Jene Park wrote in a separate report.
“If manufacturers give serious consideration to improving price accessibility, along with achieving further technological reliability and improving consumer perceptions, this phase can be overcome.”
To attract more users and foster wider adoption, “innovative and more compelling use cases will be essential”, Counterpoint's report said on Friday. Despite the slowdown, Counterpoint noted that China's foldable phone segment “remains a bright spot in the country's saturated smartphone market”.
Advertising for Huawei Technologies' Mate XT triple smartphone can be seen in a subway station in Shanghai. Photo: Shutterstock alt=Advertising for Huawei Technologies' Mate XT triple smartphone can be seen in a subway station in Shanghai. Photo: Shutterstock >