The foldable smartphone market has been witnessing remarkable growth over the past few years owing to technological advancements that have enabled the development of flexible displays. Foldable smartphones allow the screen to fold inward or outward and thus provide a larger display in an open state and a compact form factor when closed. The rising adoption of 5G infrastructure and widespread availability of high-speed internet have further increased the demand for innovative smartphones with large screens that can be carried conveniently. Foldable smartphones offer enhanced portability along with a tablet-like experience without compromising on screen size. Major Smartphone manufacturers such as Samsung, Huawei, and Motorola are increasingly focusing on this emerging segment and launching foldable devices with upgraded specifications and competitive pricing.
The Global foldable smartphone market is estimated to be valued at US$ 26.44 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the foldable smartphone market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Liquid Genomics, Inc., AROS Applied Biotechnology A/S, Myriad Genetics, Inc., QIAGEN, Eurofins Scientific, Genomic Health, Bio-Rad Laboratories, Inc., Epigenomics AG, and Aepodia. Thermo Fisher Scientific and F. Hoffmann-La Roche AG hold a significant market share due to their diversified product portfolio and global presence.
The rising demand for high-resolution and seamless displays in mainstream smartphones presents significant opportunities for manufacturers to design innovative foldable phones with flexible AMOLED screens. Furthermore, the development of lightweight and durable materials for housing flexible panels will accelerate the adoption of foldable smartphones.
Major companies are actively expanding their foldable smartphone product lines globally through strategic partnerships and mergers and acquisitions. For instance, Samsung partnered with local players in various emerging markets such as India to promote its Galaxy Z series phones. The widespread focus on 5G infrastructure especially in Asia Pacific and North America will further encourage global expansion of foldable smartphones over the next decade.
Market Drivers
Technological advances in flexible AMOLED display technology is a key driver bolstering the foldable smartphone industry. Major display manufacturers have successfully commercialized ultra-thin flexible panels that can withstand hundreds of thousands of folds without damage.
Rising disposable incomes and growing preference of millennials for premium smartphones with unique designs are compelling manufacturers to aggressively promote innovative foldable smartphones. The attractive price points of latest foldable devices compared to earlier generations are also increasing their mass adoption.
Market Restraints
The high manufacturing costs and retail prices of foldable smartphones remain a key challenge restricting their mass consumption. Basic foldable phones are priced nearly twice as much as regular flagship devices.
The fragile nature of flexible displays makes foldable phones susceptible to accidental damages such as screen cracks which increase repair and maintenance costs. Significant improvement is required to develop highly durable flexible panels.
Segment Analysis
The flip phone segment of the Foldable Smartphone Market Trends is currently dominating owing to their familiar clamshell form factor that provides nostalgia to older users. However, the inward folding segment is expected to see higher growth in the coming years given the smaller size when folded which provides greater portability as well as a larger screen size when unfolded for enhanced viewing and gaming experience.
Global Analysis
From a regional perspective, Asia Pacific region holds the largest share in foldable smartphone market currently driven by presence of numerous smartphone manufacturing companies as well as high smartphone adoption rate especially in countries like China and India. The region is anticipated to continue its dominance with highest CAGR during forecast period owing to increasing investment by players for production expansion along with growing demand from tech savvy young population. Europe region holds second largest share and is expected to grow steadily driven by rising replacement sales as well as growing popularity of premium phone segments in countries like Germany, France and UK. North America region is projected to showcase significant growth owing to early availability of new technologies and increasing focus of players to tap opportunities in the region.
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