Foldable Smartphone Market Size, Share & Trends Analysis Report By Functionality (Flip, Fold), By Distribution Channel (Online, Offline), By Region (North America, Asia Pacific, Europe), And Segment Forecasts, 2024 - 2030

Foldable Smartphone Market Size & Trends

The global foldable smartphone market size was valued at USD 27.79 billion in 2023 and is expected to grow at a CAGR of 13.5% from 2024 to 2030. The demand for foldable smartphones is on the rise due to a combination of technological advancements and shifting consumer preferences. One of the key drivers behind this trend is the versatility and innovation that foldable devices offer. These smartphones can switch between a compact form and a tablet-sized display, providing users with more screen space for multitasking, gaming, and media consumption without compromising portability. This dual functionality appeals particularly to tech enthusiasts and professionals who seek both entertainment and productivity features in a single device.

Another factor fueling the growth of foldable smartphones is the improvement in durability and performance. Early models faced criticism for their fragility, particularly around the folding screens and hinges. However, manufacturers like Samsung, Huawei, and others have addressed these concerns by using more durable materials and refining the folding mechanisms. These improvements, combined with better displays and overall performance, have bolstered consumer confidence in foldable smartphones, contributing to their rising popularity.

The market for foldable smartphones is also benefiting from the growing interest in premium and high-end devices. Consumers, particularly in developed markets such as North America and Asia Pacific, are increasingly willing to invest in cutting-edge technology. Foldable smartphones, which represent the latest advancements in mobile technology, are seen as luxury items that offer both status and functionality. The growth of 5G networks globally further supports this demand, as foldable smartphones are typically equipped with 5G capabilities, enabling users to fully benefit from faster speeds and enhanced connectivity for streaming, gaming, and work-related tasks.

Strategic marketing and product launches have also played a significant role in the expanding demand for foldable smartphones. Major brands are heavily promoting these devices, often through collaborations with influencers and high-visibility campaigns. Frequent product updates, trade-in deals, and partnerships with mobile carriers are making foldable phones more accessible to a wider range of consumers. Additionally, as app developers increasingly optimize their software for foldable displays, users can enjoy a more tailored experience, which further encourages adoption.

Functionality Insights

Flip smartphones accounted for a revenue share of 76.9% in 2023. Flip smartphones offer a compact and portable design that appeals to users who prefer smaller, easily pocketable devices. When folded, they take up less space, providing a balance between screen size and portability, making them convenient for everyday use. Flip smartphones evoke nostalgia for earlier flip phones that were popular in the early 2000s. This retro appeal, combined with modern features, attracts consumers who want a blend of past and present technologies.

The fold segment is expected to grow at a CAGR of 14.0% from 2024 to 2030. Foldable smartphones provide users with the advantage of a large, tablet-like screen when unfolded, enhancing the experience for gaming, media consumption, and productivity tasks. This ability to run multiple apps simultaneously on a larger screen appeals to professionals and multitaskers. Foldable smartphones represent the latest in smartphone innovation, attracting tech enthusiasts who seek unique and high-end devices. Their futuristic design and premium features make them a status symbol for consumers who prioritize advanced technology.

Distribution Channel Insights

Sales of foldable smartphones through offline channels accounted for a revenue share of 81.4% in 2023 in the foldable smartphones market. In-store shopping offers consumers access to knowledgeable sales staff who can explain the unique features, demonstrate the functionality, and provide recommendations based on the buyer’s needs. This personalized service is especially appealing for high-ticket items like foldable smartphones. Many retailers offer special promotions, bundle deals, or exclusive discounts for foldable smartphones through offline stores. These incentives, coupled with in-store financing options, attract customers to make purchases in person rather than online.

Sales of foldable smartphones through online channels are expected to grow with a CAGR of 14.5% from 2024 to 2030. Online platforms often offer a broader selection of foldable smartphones, including different models, colors, and configurations, which may not always be available in physical stores. This extensive availability allows consumers to compare and choose the perfect device. Online retailers frequently provide better deals, promotions, and discounts compared to brick-and-mortar stores. Flash sales, exclusive online offers, and price comparisons across multiple websites make online channels attractive for price-conscious consumers.

Regional Insights

North America foldable smartphones market is expected to grow at a CAGR of 13.6% from 2024 to 2030. North America is home to a large population of early adopters who are eager to embrace the latest technology. Foldable smartphones, with their innovative design and cutting-edge features, appeal to this tech-forward audience, driving demand in the region. Leading smartphone manufacturers, such as Samsung and Motorola, are heavily promoting foldable devices through strategic marketing campaigns in North America. Partnerships with mobile carriers offering trade-in programs, financing options, and exclusive deals are making foldable smartphones more accessible to a broader audience, further boosting demand.

U.S. Foldable Smartphone Market Trends

The foldable smartphones market in the U.S. is growing as the rapid expansion of 5G networks in North America is encouraging users to upgrade their devices to ones that can fully leverage faster speeds and improved connectivity. Foldable smartphones, typically equipped with 5G capabilities, are attractive options for consumers seeking to maximize their mobile experience.

Asia Pacific Foldable Smartphone Market Trends

The foldable smartphones market in Asia Pacific accounted for a revenue share of 44.0% in 2023. Asia Pacific, particularly countries like China, South Korea, and Japan, is known for its strong appetite for cutting-edge technology. Consumers in these regions are early adopters of innovative gadgets like foldable smartphones, which offer futuristic designs and advanced features. Rising income levels in countries like China and India are enabling more consumers to afford premium devices. Foldable smartphones, positioned as luxury items, are gaining traction among the region’s expanding middle class and affluent consumers who seek the latest tech trends.

Europe Foldable Smartphone Market Trends

The foldable smartphones market in Europe is expected to grow at a CAGR of 14.1% from 2024 to 2030. European consumers are drawn to high-end, innovative gadgets, and foldable smartphones represent cutting-edge technology. The appeal of having a versatile, futuristic device with both smartphone and tablet functionality is driving demand among tech-savvy Europeans. Europe has been rapidly expanding its 5G infrastructure, and foldable smartphones, typically equipped with 5G capabilities, are gaining popularity as consumers upgrade to devices that can fully benefit from faster network speeds and enhanced connectivity.

Key Foldable Smartphone Company Insights

The market is characterized by competitive dynamics shaped by a combination of factors including functionality innovation, regional production capabilities, and evolving consumer preferences. Leading manufacturers invest in R&D and technological advancements to provide cost-effective and quality functionality.

Market players are entering into joint ventures, partnerships, mergers, agreements, and acquisitions to strengthen their market position and expand their geographical reach. Companies are also focusing on raising consumer awareness of the ambiguity of the types used while strictly adhering to international regulatory standards.

Recent Developments

• In August 2023, Samsung introduced its latest foldable smartphones, the Galaxy Z Fold 5 and Galaxy Z Flip 5, with the Z Fold 5 starting at Rs 1,54,999 for various RAM and storage configurations. The introduction of a budget-friendly Galaxy Z Fold 6 aims to enhance Samsung's market presence in the foldable segment, particularly as competition from Chinese brands like Xiaomi, Honor, and Huawei intensifies. These competitors have gained significant traction by offering foldable smartphones at lower price points, leading to Samsung's current third-place position in the Chinese foldable market.

Foldable Smartphone Market Report Scope

Global Foldable Smartphone Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global foldable smartphone market report on the basis of functionality, distribution channel, and region:

• Functionality Outlook (Revenue, USD Million, 2018 - 2030)

  • Flip

  • Fold

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia & New Zealand

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa