According to a recent report by Counterpoint Research, the foldable smartphone market share in India’s ultra-premium segment, priced above Rs. 45,000, is expected to grow more than four times to 35% by the end of 2025. Currently, foldables constitute about 8% of ultra-premium Android smartphone shipments as of June 2023.
The research firm highlights that the adoption of foldable smartphones has been relatively slow, accounting for only about 1% of the overall mobile market in India.
Flip/Clamshell smartphones are very popular in India
However, flip smartphones are highly popular in India, especially among financially empowered female users. In the first half of 2023, flip phones accounted for an overwhelming 82% of the total foldable device shipments in the country.
The localization of manufacturing has also played a crucial role in fostering market growth. Flagship devices like Samsung’s Z Fold5 and Flip5, produced in India, have exemplified the trend of localized manufacturing, contributing to the increasing popularity of foldable smartphones in the country.
The entry of more smartphone manufacturers into the foldable phone market is expected to further boost the sector, making it more dynamic and competitive. Research firm Techarc estimates that India is poised to sell 635,000 foldable smartphones this year.
Globally, the shipments of foldable smartphones witnessed an impressive growth rate of about 64% in the first quarter of this year compared to the same period last year, with China leading the way at 117%. However, in terms of growth rate, India took the top spot with an astonishing growth rate of 967%, followed by the MEA market with 197%, and North America with 43%.
Samsung, a major player in the foldable market, has ambitious plans for the future. The company aims to have foldable phones constitute over 20% of its total Galaxy smartphone sales globally by 2023. They are planning to sell up to 100 million foldable phones annually worldwide in the coming years, with the goal of having half of its smartphone sales come from foldable models by 2025.
The soaring demand for foldable smartphones in India indicates a significant shift in consumer preferences, with users increasingly opting for innovative and feature-rich devices. As the market continues to evolve and more players enter the fray, it remains to be seen how the landscape will shape up, presenting exciting opportunities for both manufacturers and consumers alike.
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