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Foldable Smartphones Market 2024-2033 - Size, Growth, Trends & Competitive Landscape
Foldable Smartphones Market
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According to The Business Research Company's, The foldable smartphones market size has grown exponentially in recent years. It will grow from $20.69 billion in 2023 to $25.1 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to growing consumer demand for larger screens in compact devices, improvements in hinge mechanisms, expansion of 5G networks enhancing mobile experiences, increasing investment in research and development, and competitive differentiation among smartphone manufacturers.
The foldable smartphones market size is expected to see exponential growth in the next few years. It will grow to $54.65 billion in 2028 at a compound annual growth rate (CAGR) of 21.5% The growth in the forecast period can be attributed to increasing adoption of remote and hybrid work models, growing demand for scalable and flexible IT solutions, integration of artificial intelligence for productivity enhancement, expansion of 5G networks enabling faster cloud access, and rising importance of data analytics for business insights. Major trends in the forecast period include expansion of multi-cloud strategies, emphasis on data privacy and compliance, integration of advanced collaboration platforms, development of industry-specific cloud solutions to address unique business needs, and a shift towards sustainable and energy-efficient cloud infrastructure.
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Market Drivers and Trends:
The increasing adoption of mobile gaming is expected to propel the growth of the foldable smartphone market going forward. The increasing adoption of mobile gaming is driven by widespread smartphone accessibility, improved internet connectivity, affordable data plans, advancements in mobile gaming technology, and a growing variety of engaging free-to-play games. Additionally, social gaming experiences and the convenience of on-the-go play further contribute to its rising popularity. Foldable smartphones enhance gaming experiences by offering larger, immersive screens that expand for an expansive view and then fold for portability and convenience. For instance, in September 2023, according to a report published by Video Games Europe (VGE), a Belgium-based organization representing the video game industry, the European gaming industry earned $24.5 billion in 2022, up 5% from the previous year. Mobile gaming accounted for 42% of this, with 68% of Europeans choosing mobile platforms, up from 63% in 2021. Therefore, the increasing adoption of mobile gaming will drive growth in the foldable smartphone market.
Major companies operating in the foldable smartphones market are developing hinge technology with multi-fold designs, such as tri-fold technology, to enhance user experience by offering larger displays in more compact devices, improving durability, and pushing the boundaries of design innovation. Tri-fold technology refers to a foldable display mechanism in which a single screen can fold at two different points, creating three distinct sections. For instance, in September 2024, Huawei Technologies Co., Ltd., a China-based technology company, launched the Mate XT Ultimate Edition, the world's first tri-fold smartphone. It features a 10.2-inch foldable OLED screen that transforms from a 6.4-inch phone to a 10-inch tablet, along with a robust hinge system, 16 GB RAM, up to 1 TB storage, and a 5600mAh battery with 66W wired and 50W wireless charging. The device runs on HarmonyOS 4.2 and is available exclusively in China. The use of dual hinges with specialized inner and outer folds reflects a growing focus on foldable phones' durability and seamless operation.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Microsoft Corporation, Huawei Technologies Co. Ltd., Sony Corporation, Lenovo Group, HP Inc., Vivo Communication Technology Co. Ltd., Xiaomi Corporation, OPPO Electronics Corporation, BOE Technology Group, TCL Technology Group Corporation, ZTE Corporation, Honor Device Co. Ltd., Schott AG, OnePlus Technology Co. Ltd., Meizu Technology Co. Ltd., HTC Corporation, Royole Corporation, Tecno Mobile Limited, Infinix Mobile, Tianma Microelectronics, Visionox, Nubia Technology Co. Ltd., Realme Technology
Foldable Smartphones Market 2024 Key Insights:
• The foldable smartphones market size is expected to see exponential growth in the next few years. It will grow to $54.65 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%
• Increasing Smartphone Adoption In Gaming Set To Boost Foldable Smartphone Market Growth
• Rise Of Tri-Fold Smartphones For Enhanced User Experience
• Asia-Pacific was the largest region in the foldable smartphones market in 2023
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