Samsung Electronics is projected to relinquish its leading position in the global foldable phone market share to Chinese rival Huawei in the first half of this year.
According to market research firm DSCC on March 14, the global shipment of foldable phones in the fourth quarter of last year totaled 4.2 million units. This represents a 33% increase compared to the same period the previous year, marking it as the fourth-highest level ever and indicating a continuous growth trend.
Since launching the world’s first foldable phone in 2019, Samsung Electronics has consistently led the foldable phone market. The success of the Galaxy Z Fold series followed by the Galaxy Z Flip has secured a strong fan base for the company. Despite underwhelming sales of fifth-generation foldable phones, the Galaxy Z Flip 5 and Fold 5, Samsung managed to maintain its top position in the market share during the fourth quarter of 2023.
As of the fourth quarter of 2023, a total of 23 foldable phone models had been released. The top 10 best-selling models included four from Samsung, two each from Honor and Oppo, and one each from Huawei and Xiaomi. The Galaxy Z Flip 5 had the highest sales, followed by the Huawei Mate X4, Honor Vs2, Galaxy Z Fold 5, and Oppo Find N3 Flip.
However, forecasts suggest a shift in the market landscape in the first quarter of this year. Based on the rapid growth of Chinese manufacturers, the market is expected to grow by 105% compared to the same period last year. Particularly, Huawei is predicted to capture the top spot in market share, driven by the success of its Mate X5 and Pocket2 models, as well as the absence of new products from Samsung. DSCC reports that Huawei has been expanding its market share since the fourth quarter of last year.
Nonetheless, Huawei's growth is expected to slow down by the second half of the year with the release of new products from Samsung. Predictions suggest that Samsung will regain its market share through the launch of the new Galaxy Z Flip and Fold models in the latter half of the year. There is speculation that Samsung Electronics will unveil the Galaxy Z Flip 6 and Fold 6 at the Galaxy Unpacked event in July, ahead of the 2024 Olympics.