The global foldable smartphone market is estimated to be valued at US$15.83 billion in 2023 and is expected to exhibit a CAGR of 20.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Foldable smartphones are a revolutionary product that offers the advantage of a larger screen size while maintaining portability and convenience. These devices can be used folded like a traditional smartphone or unfolded to provide a tablet-like experience. The need for such products has arisen from the increasing demand for innovation and flexibility in the smartphone market. Foldable smartphones offer enhanced multitasking capabilities, improved viewing experiences, and increased productivity, making them popular among consumers.
Market Key Trends:
One key trend in the foldable smartphone market is the increasing adoption of flexible OLED displays. OLED displays are more flexible and durable compared to traditional LCD displays, making them ideal for foldable smartphones. The use of flexible OLED displays allows manufacturers to create devices with seamless, foldable screens, enhancing the user experience. Additionally, the advancements in OLED technology have led to improved display quality and durability, further driving the demand for foldable smartphones.
Porter’s Analysis
The foldable smartphone market is expected to experience significant growth, with a projected CAGR of 20.4% during the forecast period of 2023-2030. This growth can be attributed to several factors such as increasing consumer demand for innovative and technologically advanced devices, advancements in flexible display technology, and the growing adoption of smartphones worldwide.
· Threat of New Entrants: The threat of new entrants in the foldable smartphone market is relatively low. This is mainly due to the high capital investments required to establish manufacturing facilities and develop cutting-edge flexible display technology. Additionally, existing players in the market already have established brand recognition and strong distribution networks, making it difficult for new entrants to compete.
· Bargaining Power of Buyers: The bargaining power of buyers in the foldable smartphone market is moderate. While there is a high demand for these devices, buyers still have the option to choose from a variety of brands and models. This gives them some leverage to negotiate prices and seek better deals from manufacturers. However, the limited number of players in the market and the unique features of foldable smartphones also limit the bargaining power of buyers to some extent.
· Bargaining Power of Suppliers: The bargaining power of suppliers in the foldable smartphone market is high. This is due to the specialized components and materials required for manufacturing foldable displays. Suppliers of these components and materials have the advantage of being few in number, which gives them the ability to dictate prices and terms to manufacturers.
· Threat of New Substitutes: The threat of new substitutes in the foldable smartphone market is relatively low. Foldable smartphones offer a unique and innovative experience that cannot be replicated by traditional smartphones or other electronic devices. The high demand for foldable smartphones and the limited availability of viable substitutes further reduces the threat of new substitutes.
· Competitive Rivalry: The competitive rivalry in the foldable smartphone market is intense. Key players in the market, such as Huawei, Samsung, and Xiaomi, are constantly innovating and introducing new models to gain a competitive edge. Additionally, these companies engage in aggressive marketing and promotional activities to capture market share and attract consumers.
Key Takeaways
The Global Foldable Smartphone Market Size is expected to witness high growth, exhibiting a CAGR of 20.4% over the forecast period. This growth is driven by increasing consumer demand for innovative and technologically advanced devices, as well as advancements in flexible display technology.
Regionally, Asia Pacific is anticipated to be the fastest-growing and dominating region in the foldable smartphone market. This can be attributed to the large population, rising disposable incomes, and increasing smartphone penetration in countries like China, India, and South Korea. Additionally, the presence of major smartphone manufacturers in the region further fuels market growth.
Key players operating in the foldable smartphone market include Huawei, Lenovo Group Ltd., LG Electronics, Microsoft, Motorola, Oppo Co. Ltd, Royole, Samsung, Sony, TCL, and Xiaomi. These players have a strong market presence, extensive product portfolios, and are constantly investing in research and development to drive innovation in the foldable smartphone segment.
Read More - https://www.pressreleasebulletin.com/foldable-smartphone-market-trends-and-share-analysis/
