Analytical company Counterpoint Research has published the results of a study of the foldable smartphone market in the third quarter of 2024. According to the data presented, global shipments of foldable smartphones in the reporting quarter decreased year-on-year by 1% after six quarters of consecutive growth. Also, for the first time, sales of such devices fell in the third quarter – previously this period was marked by growth. Apparently, the launch of new Samsung products did not go according to plan.
The release of the Galaxy Z Flip6 and Z Fold6 helped Samsung retain its leadership in the global foldable smartphone market with a 56% share, although the company’s share was 70% a year earlier. The company’s unit supplies fell year-on-year by 21%, while everyone else’s supplies were growing. The Galaxy Z Fold6 smartphone showed frankly modest sales results, and the Galaxy Z Flip6 clamshell could hardly match the sales of its predecessor. This can be attributed to the lack of significant changes in new products compared to their predecessors.
Samsung’s decline in global market share is partly due to growing demand for foldable devices in China, where Samsung has a small share of the foldable device market – just 8% in the third quarter, while its share reaches 82% in the rest of the world. At the same time, as the supply chain of foldable devices develops, competition for gadgets from the South Korean company increases.
In North America, the Galaxy Z Flip smartphones are edging out the sub-$1,000 Moto Razr clamshells, and in Western Europe, the Galaxy Z Fold faces competition from the Honor Magic V. HONOR and Motorola are still considered the fastest growing brands in the foldable device market, thanks to including the release of flagship devices in June and July.
Overall, Samsung’s main competitor in the foldable smartphone market remains Huawei, with a 15% market share, whose shipments continued to grow year-on-year in the third quarter amid the popularity of the Mate X5 and Pocket 2 models in China. At the same time, sales of the recently released budget model Nova Flip and the world’s first three-fold smartphone Mate XT, which were more experimental proposals, were not very high. The release of the Mate X6 in the fourth quarter of 2024 is expected to further boost Huawei’s shipments.
Image source: Counterpoint Research
Xiaomi had the highest shipment growth among foldable device manufacturers in the third quarter, amounting to 185% year-on-year. This was helped by the release of the first folding model Mix Flip, as well as the official debut of Xiaomi folding smartphones outside of China. The brand’s global market share rose to an all-time high of 6% following its Q1 2021 debut.
Counterpoint Senior Analyst Jene Park said the global foldable device market is entering a transition phase where it faces challenges as it moves from niche to mainstream market. “If manufacturers seriously consider increasing affordability, as well as achieving further technological reliability and improving consumer perception, this stage can be overcome,” he said.