Foldable Smartphone Market Growing Rapidly With Growing CAGR of 8.7% To Reach a Value Of $174 Billion by 2031

In a recent report released by Allied Market Research titled "Foldable Smartphone Market," the market for foldable smartphones was valued at $17.6 billion in 2021, and it is anticipated to reach $174 billion by 2031, with a projected compound annual growth rate (CAGR) of 26% from 2022 to 2031.

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Foldable smartphones, distinguished by their flexible screen technology allowing them to be bent and folded, represent a technological advancement set to revolutionize semiconductors and electronics. The surge in demand for foldable screens from smartphone manufacturers, coupled with rapid innovations in OLED and AMOLED technologies by companies like Samsung Electronics, LG, Visinox, and Huawei, has resulted in the development of various foldable screens with different specifications in pixel density, thickness, and material.

The growth of the foldable smartphone market is driven by an increasing demand for advanced consumer electronics, a rising number of internet users, and a positive impact from the growing demand for Phablets. However, challenges such as the high cost of advanced technology and the manufacturing complexity of foldable displays impede the industry's growth. Despite these challenges, expanding the product portfolio of smartphone vendors is expected to create lucrative opportunities during the forecast period.

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The online sales channel currently dominates the foldable smartphone market share, primarily due to its time-saving benefits compared to offline channels. Furthermore, the online segment is projected to experience the highest growth rate in the forecast period, attributed to its extensive search capabilities and the ability to compare products across multiple brands.

Based on display panel type, the flip pulp segment was the largest market in 2021, contributing to nearly three-fourths of the global foldable smartphone market share, and is expected to maintain its leadership status during the forecast period. This is due to the low cost of flip foldable smartphones as compared to foldable smartphones, making it more affordable. On the other hand, the fold segment is projected to witness the fastest CAGR of 28.4% from 2022 to 2031, owing to the increasing demand for modern consumer electronics along with the high adoption of mobile devices in the entertainment and gaming sector.

Geographically, North America led the foldable smartphone market in 2021, and it is expected to maintain its dominance due to technological advancements and the emergence of new business models. However, significant growth is anticipated in the Asia-Pacific region, driven by key players such as Huawei, Lenovo, ZTE, and Xiaomi.

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The foldable smartphone market demonstrated stable growth during the COVID-19 pandemic, despite temporary closures of manufacturing processes in several countries and disruptions in the supply chain, resulting in a shortage of mobile chipsets. Major manufacturing companies, including Samsung, Xiaomi, OPPO, and LG Display, temporarily suspended operations in various countries due to lockdowns. The market experienced a notable decline as China, a hub for electronics manufacturing, faced challenges during the pandemic. For instance, in May 2020, OPPO closed its operations in Noida, India, and demand for foldable smartphone devices decreased due to global lockdowns.

Leading Market Players

• Xiaomi Corporation
• AsusTek Computer Inc.
• LG Electronics Inc.
• Vivo Mobile Pvt. Ltd.
• Royole Corporation
• Huawei Technologies Co., Ltd.
• Microsoft Corporation
• Motorola Mobility LLC
• ZTE Corporation
• Samsung

The report analyzes these key players of the global foldable smartphone market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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