China foldable smartphone Shipments are seeing slow growth this year, according to Counterpoint Research, even as the country is set to account for more than 50 percent of global mobile phone segment shipments in 2024.
Shipments of foldable phones in China, the world’s largest smartphone market, are expected to reach 9.1 million units this year, up 2 percent from 2023, according to Counterpoint’s latest market report released on Friday.
This is in stark contrast to the triple-digit annual percentage growth rates recorded in previous years, including 103 percent in 2023, 191 percent in 2022 and 442 percent in 2020.
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China’s slower shipment forecast for foldable phones reflects the recent global drop in demand.
Global shipments of foldable phones saw a 1 percent year-on-year decline in the three months ending in September after six consecutive quarters of growth, according to a Counterpoint report from November.
Samsung Electronics’ Galaxy Z Flip 6 smartphone is displayed at an event in Seoul, South Korea, on July 8, 2024. Photo EPA-EFE alt=Samsung Electronics’ Galaxy Z Flip 6 smartphone is displayed at an event in Seoul, South Korea. on July 8, 2024. Photo EPA-EFE>
This marked the first third-quarter decline in the segment’s history, attributed primarily to Samsung Electronics‘”relatively disappointing performance” with its Galaxy Z Flip 6 and Fold 6 models, according to the report.
The global foldable smartphone segment has entered “a transition phase, facing challenges as it moves from a niche segment to the mainstream,” Counterpoint senior analyst Jene Park wrote in a separate report. .
“If manufacturers seriously consider improving price accessibility, as well as achieving greater technological reliability and improving consumer perceptions, this phase can be overcome.”
To attract more consumers and encourage broader adoption, “innovative and more engaging use cases will be essential,” according to Friday’s Counterpoint report. Despite the slowdown, Counterpoint noted that China’s foldable phone segment “remains a bright spot in the country’s saturated smartphone market.”
Advertising for Huawei Technologies’ Mate XT triple smartphone is seen at a subway station in Shanghai. Photo: Shutterstock alt=Advertising Huawei Technologies’ Mate XT triple smartphone is seen at a subway station in Shanghai. Photo: Shutterstock>
