The global market for foldable smartphones witnessed a significant surge in the first quarter of 2024, with sales increasing by an impressive 49% compared to the same period last year.
Despite this overall market growth, Samsung’s performance in the foldable segment declined sharply, with a notable 42% drop in sales year-over-year, causing the tech giant to lose its leading position.
According to the latest analysis by Counterpoint Research, the foldable smartphone market experienced robust growth from January to March 2024.
However, Samsung’s Galaxy Z Fold5 and Galaxy Z Flip5 failed to captivate consumers with new features, leading to a substantial decline in the company’s foldable sales.
This downturn has significantly impacted Samsung’s market share, which has now dropped to 23%.
In contrast, Huawei has emerged as the new market leader, boasting a remarkable 257% growth and capturing a 35% market share.
Counterpoint Research attributes Huawei’s success to two main factors: the rapid expansion of the Chinese market for foldable smartphones, where Samsung’s presence is relatively weak, and the introduction of Huawei’s flagship foldable with a 5G modem, the Mate X5.
Additionally, the Huawei Pocket 2 is anticipated to be a popular choice among consumers.
Honor, a former subsidiary of Huawei, has also made significant strides, securing the third spot with an astonishing 460% growth and a 12% market share.
This growth is largely due to Honor’s increased ability to sell foldable smartphones outside of China.
Motorola has also shown impressive growth, recording a staggering 1,473% increase in sales, positioning itself just behind Honor with an 11% market share.
Notably, vertically folded devices, similar to the Galaxy Z Fold5, dominate the market, accounting for 55% of all foldable smartphones sold.
As the foldable smartphone market continues to expand, it remains to be seen how Samsung will respond to regain its footing amidst the rising competition from Huawei, Honor, and Motorola.
