Foldable Phone Market in North America is Set to Rise at a 28.3% CAGR through the End of 2031 | FMI

The foldable phone industry is expected to reach a valuation of US$ 65 billion by 2031, according to Future Industry Insights (FMI), with a CAGR of about 25.2 percent. The ever-increasing popularity of smartphones has boosted display technology innovation, with foldable displays being the most recent component to hit the market.

The foldable phone business is predicted to grow at a high rate because to rapid technology breakthroughs, improved design, enhanced functionality, and product improvements. This is predicted to assist the global foldable phone market in the coming years.

Increasing consumer awareness regarding the latest trends in smartphone technologies is fueling demand for innovative smartphones. As a result, some well-known companies have been patenting their design architecture for soon-to-be-released folding phones. Apple Inc., for example, has patented its folding smartphone technology with a hinge heating technology to protect it from wear and tear over time.

Also, smartphone makers are experimenting with technologies and features in their foldable smartphones, which can be seen in Samsung Galaxy Fold and Motorola Razr, as these phones have a unique design but prefers front-to-front fold display technology.

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Furthermore, in April 2021, Oppo launched two new foldable phones in the market, both with an inward-folding design. Vivo is also expected to release a folding phone with an inwards folding design, while Xiaomi has already released the Mi MIX Fold.

Another trend that is propelling the foldable phone market is the implementation of work from-home culture. Rising viewership and increasing interest of individuals towards job opportunities that offer remote work has led increasing demand for reliable and efficient electronic products. This is anticipated to provide impetus to foldable phone sales in the forthcoming years.

Key Takeaways:

Based on display size, the under 6 Inches display segment is expected to hold a 44.6% of the total foldable phone market share in 2021.
Foldable phone with a 12 GB RAM are likely to dominate the market in 2021, accounting for over 46% of the total market share.
Under the storage segment, foldable phone with the storage space of 256 GB will hold more than half of the total foldable phone market share in 2021.
US$500-1,500 is projected to hold the leading share in the market in 2021, accounting for nearly half of sales.
Sales of foldable phones through online retail channels are projected to grow at a prolific 38.1% CAGR through 2031.
China will emerge as an attractive foldable phone market, accounting for over 40% of the market share in East Asia 2021.
The U.S. will dominate the North America foldable phone market with nearly 80% the market share over the forecast period.
India is projected to account for more than one-third of the South Asia foldable phone market share in 2021.

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Who is Winning?

Leading players in the foldable phone market are Samsung Group, Huawei Technologies Co., Ltd., Microsoft Corporation, Xiaomi Corporation, Royole Corporation, Motorola (Lenovo Limited), TCL Technology, LG Corporation, ZTE Corporation, Sony Group Corporation, AsusTek Computer Inc., Energizer among others.

Leading manufacturers of foldable phones are focusing on promotional strategies, advertisements, and new product launches to improve sales of foldable phones. Apart from this, mergers, acquisitions, and strategic collaborations will remain prominent growth strategies among key market players over the assessment period. For instance:

In 2021, Xiaomi launched their first foldable smartphone, Mi MIX FOLD, at the Spring 2021 New Product Launch. Equipped with a large 8.01" WQHD+ resolution flexible internal display and a 6.52" external display, this innovative new device touts the largest foldable display on any smartphone.

Market by Category

By Display Size:

Under 6 inches
6-7 Inches
7-8 Inches
8 Inches & Above

By RAM Capacity:

8 GB
12 GB
16 GB

By Storage:

256 GB
512 GB

By Price Range:

US$ 500- US$ 1,500
US$ 1,500- US$ 2,000
US$ 2,000 & Above

By Sales Channel:

Hypermarkets/ Supermarkets
Specialty Stores
Multi-brand Stores
Independent Small Stores
Online Retailers
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)

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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

This release was published on openPR.