New Delhi: Contrary to the overall decline in the global smartphone market, the foldable smartphone segment witnessed impressive expansion during Q1 2023, according to Counterpoint Research. With a remarkable year-on-year growth of 64%, global foldable smartphone shipments reached 2.5 million units during the period. This surge is significant as it occurred amidst a 14.2% YoY decline in the broader smartphone market, showcasing the increasing appeal and demand for foldable devices.

Several key factors have contributed to the growth of the foldable smartphone market. Firstly, affordability has become a defining characteristic of foldable smartphones. Manufacturers like Samsung have made strides in reducing prices, evident in the $200 price reduction of the Samsung Galaxy Z Fold3 since its 2021 launch. This price adjustment has made foldable smartphones more accessible to a wider range of consumers.

Secondly, durability has played a pivotal role in shaping the success of foldable smartphones. The introduction of water resistance and enhanced hinge designs, as seen in the Samsung Galaxy Z Fold3 and Z Flip3, has instilled confidence in consumers, addressing concerns over the longevity and resilience of these devices.

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Furthermore, consumer interest in foldable smartphones has grown significantly. A recent survey revealed that 30% of consumers expressed a desire to purchase a foldable smartphone within the next two years, indicating a strong and promising market demand.

These positive trends are projected to continue driving the growth of the foldable smartphone market in the coming years. IDC forecasts that global foldable smartphone shipments will reach 48.1 million units, with a market value of $42 billion by 2027. This growth will be fuelled by the ongoing decline in the overall smartphone market and the increasing consumer appetite for foldable devices.

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Several key factors are propelling the expansion of the global foldable smartphone market:

• Declining Prices: Foldable smartphones have become more affordable, making them accessible to a broader range of consumers.
• Enhanced Durability: Ongoing improvements in design and materials have increased the durability and longevity of foldable devices.
• Rising Consumer Interest: The unique form factor and features of foldable smartphones have captured the attention and interest of consumers.
• Increased Competition: The market is witnessing a surge in competition as more companies enter the foldable smartphone segment.

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As these factors continue to shape the landscape, the global foldable smartphone market is expected to flourish in the years ahead. The resilience and growth exhibited by this market segment highlight its potential to redefine and shape the future of smartphones.