On February 23, according to the latest report from TrendForce, a technology consultancy, it is estimated that the shipment volume of foldable smartphones last year reached 15.9 million units, marking a 25% year-on-year growth.

As a result, foldable smartphones have seen their market share in total smartphone shipments rise to 1.4%.

TrendForce suggested that the low adoption rate of foldable phones is mainly due to their high prices and durability issues.

Samsung maintained its top spot in the foldable phone market with a market share of 66.4%, but this represents a decrease of over 17 percentage points from 2022. It is projected that Samsung’s market share for foldable phones will drop to 60.4% in 2024.

Huawei secured the second position with a 11.9% market share, thanks to strong demand for its foldable phones in the Chinese market. TrendForce forecasts that Huawei may capture close to a 20% share of the foldable phone market by 2024.

Xiaomi ranks third globally in terms of shipment volume of foldable smartphones, holding a market share of 5.4%.

TrendForce anticipates that foldable smartphone shipments will reach 17.7 million units in 2024, showing an 11% growth. It is expected that by 2025, foldable smartphones will achieve a 2% market share.