Foldable smartphones are a relatively new breed of phones and still occupy a rather niche corner in the market. But it appears that these types of devices are getting increasingly more popular. Now, a new report has offered us a prediction of the sales figures by the year 2027.
According to an IDC report, the global shipments of foldable phones in 2027 will hit a total of 21.4 million units more than in 2023. This marks a rise of a whopping 50 percent over the 14.2 million units that were sold in 2022. The report adds that shipments of foldable phones will total a sizeable 48.1 million units in 2027 alone. In other words, this marks a compound annual growth rate of 27.6 percent from 2022 to 2027.
On the other hand, regular smartphone models are expected to reach 1,322.9 million units in 2027, marking a compound annual growth rate of 2.1 percent during the same 5 year period. IDC estimates that the average selling price of smartphones will also fall by around 6.8 percent. This estimation is based on OEMs making improvements in durability and build quality along with software and hardware upgrades.
As per Anthony Scarsella, Research Manager, Mobile Phones at IDC, “The foldable phone market finished slightly higher than previously forecast as consumers start to embrace the new form factor. A 10% decline in ASP helped the market grow 75.5% in 2022, as foldable devices became more affordable in numerous markets. With new vendors and models joining the race this year, we expect the foldable market to be the one bright spot in 2023 with 50.5% growth, while the total smartphone market contracts 1.1%.”
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