Market Overview:
Foldable smartphones are equipped with flexible organic light-emitting diode display that can be folded into a compact form factor before use. These smartphones provide a large screen experience along with portability factor. Their hinged and flexible design allows the screen to be folded in half or hidden behind an external one. This helps in one-handed operations and easy stowing in pocket or purse. Market key trends: One of the key trends spurring growth of the foldable smartphone market is adoption of innovative designs. Manufacturers are focusing on developing new and improved designs to make folding smartphones more durable and functional. For instance, Samsung Galaxy Z Flip3 5G features durable ultra-thin glass and armor aluminum design along with water resistance. It offers a compact clamshell fold with no gap when closed. Huawei launched Mate Xs 2 with a 7.8-inch inner screen that folds outwards and a 6.5-inch outer screen for one-handed use. Such innovative designs are improving user experience and stimulating sales of foldable smartphones. The global Foldable Smartphone Market Share is estimated to be valued at US$ 22.95 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Porter's Analysis Threat of new entrants: The threat of new entrants is relatively low as it requires massive R&D investment and establishing trust for new brands. Bargaining power of buyers: The bargaining power of buyers is high as there are numerous brands offering foldable smartphones with different unique features. Buyers can choose from multiple options. Bargaining power of suppliers: The bargaining power of suppliers is moderate as phone components can be sourced from different suppliers but developing foldable screen technology requires collaboration with few specialized suppliers. Threat of new substitutes: The threat of new substitutes is low as there are no direct device replacements for foldable smartphones currently. Competitive rivalry: Intense among existing brands. SWOT Analysis Strengths: Innovative form factor; Large screens that can fold into compact sizes; Multitasking capabilities. Weaknesses: Higher price point than regular smartphones; Durability and reliability concerns around the hinge and screen; Limited app optimization. Opportunities: Growing popularity of large-screen devices; Improving technology reducing costs over time. Threats: Stiff competition from conventional smartphones; Delay in mass production scale could slow adoption. Key Takeaways The global foldable smartphone market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for large screen devices with portability. Samsung and Huawei have driven initial adoption with foldable designs in their flagship models. Regionally, North America and China are expected to be the fastest growing markets due to high purchasing power of consumers and presence of early technology adopters. Asia Pacific is also gaining tractions with brands like Oppo and Vivo focus increasing their presence in foldable segment. Key players operating in the foldable smartphone market are Huawei, Lenovo Group Ltd., LG Electronics, Microsoft, Motorola, Oppo Co. Ltd, Royole, Samsung, Sony, TCL, Xiaomi. Samsung holds the major share currently backed by its Galaxy Z series. Competition is increasing with other brands like Huawei, Motorola and Xiaomi also launching affordable models to drive further volumes. Read More: https://www.pressreleasebulletin.com/the-new-avenue-for-foldable-smartphone-market-growth-trends-and-forecast-analysis/
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