Foldable Smartphone Market to Generate $174 billion by 2031, at a CAGR of 26%

According to a new report published by Allied Market Research, titled, "Foldable Smartphone Market, by Display panel type (Flip, Fold), by Sales Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031"

The foldable smartphone market was valued at $17.6 billion in 2021, and is estimated to reach $174 billion by 2031, growing at a CAGR of 26% from 2022 to 2031.

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Foldable smartphones are featured on flexible screen technology that can be twisted and folded like paper. In addition, a flexible screen is an emerging technology and it is expected to modernize semiconductors and electronics shortly. This is due to the high demand for foldable screens from smartphone manufacturers and rapid innovations in OLED and AMOLED technologies. These are the various foldable screens developed by companies such as Samsung Electronics, LG, Visinox, and Huawei with different specifications on pixel density, thickness, and material used.

Furthermore, an increase in demand for advanced consumer electronics and a growing number of internet users is boosting the growth of the foldable smartphone market. In addition, the rising demand for Phablet positively impacts the growth of the foldable smartphone market. However, the high cost of advanced technology and manufacturing complexity of foldable displays is hampering the foldable smartphone industry growth. On the contrary, expanding the product portfolio of smartphone vendors is expected to offer remunerative opportunities for expansion during the foldable smartphone market forecast.

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Competitive Analysis:
The competitive environment of Foldable Smartphone Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Foldable Smartphone Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
ASUSTeK Computer Inc
Huawei Technologies Co., Ltd
LG Electronics
Microsoft Corporation
Motorola Mobility LLC
Samsung, TCL Technology
Vivo Mobile Pvt Ltd
Xiaomi Corporation
ZTE Corporation and Many More

By region, the foldable smartphone market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to technological advancements and the emergence of new business models. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the presence of leading players such as Huawei, Lenovo, ZTE, and Xiaomi.

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Foldable smartphone market has witnessed stable growth during the COVID-19 pandemic as manufacturing processes are provisionally closed across several countries to contain the virus. There is also a shortage of mobile chipsets in the market due to distractions in manufacturing. In addition, several manufacturing companies such as Samsung, Xiaomi, OPPO, and LG Display have suspended their manufacturing operations in China, India, South Korea, and European countries.

As China is a hub for electronics equipment's and companies inclines to manufacture their products in China, the market due to COVID-19 has drastically dropped. For instance, in May 2020, OPPO Company closed down its processes in Noida, India. Additionally, demand for foldable smartphone devices has decreased due to lockdowns imposed in several countries.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.