The global foldable smartphone market grew 10% year-over-year in the second quarter of 2023, reaching 2.1 million units shipped, according to Counterpoint Research. This growth is in stark contrast to the overall smartphone market, which declined 9% year-over-year during the same period.

In particular, Chinese market is driving the growth of the global foldable smartphone market. In the second quarter of 2023, shipments in the Chinese foldable smartphone market surged 64% year-over-year to reach 1.2 million units. With this, China alone represents a 58.6% share of the global foldable smartphone market.

China’s high market share in foldable phones is likely due to the wider range of foldable smartphones available there. Out of 18 foldable smartphones launched globally in the second quarter of 2023, only 11 of them were launched outside of China. This means that there are seven more foldable smartphones for users in China to choose from.

For example, foldable like the Xiaomi Fold 3, Huawei Mate X3, Oppo Find N3, and Vivo X Flip are only available in China. In Q2 2023 alone, China saw five new foldable tailored for its market, while the global market outside China only saw two foldable launches.

However, Chinese manufacturers are now starting to expand their foldable smartphone offerings to global markets, which is expected to boost growth in the coming months. 

Samsung is also expected to play a major role in the growth of the foldable phone market in the second half of 2023 with its latest Galaxy Z Fold 5 and Galaxy Z Flip 5 foldable smartphones. Counterpoint Research Senior Analyst Jene Park predicts that the era of the mass foldable phone will start in 2024, led by Samsung and Huawei’s entry-level foldables. He says “Entry-level foldables are expected to be priced around $600 to $700, making them more accessible to consumers.”

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