The latest metrics showcase the efficient boost in foldable phone sales during the first quarter of 2024. Unfortunately, Samsung was the only manufacturer to experience a decline; its current foldable phones, the Galaxy Z Fold 5 and Galaxy Z Flip 5, lacked the innovation needed to encourage customers to upgrade, leading to a 42% sales drop for Samsung’s foldable phone division.
Samsung lost market share in foldable phones this time around due to two factors. First, strong growth in the Chinese market, where Samsung is not as dominant anymore. Its share has fallen to 23%. If the analysis by Counterpoint Research is to be believed, Huawei leads the market by a wide margin, with an impressive growth rate of 257% and a market share of 35%.
According to Counterpoint Research, Samsung’s Galaxy foldable phone sales plummeted because of strong growth in the Chinese market and Huawei’s successful debut of the Mate X5 as its first foldable with 5G. The forthcoming Huawei Pocket 2 is also expected to break its predecessor’s record. Former Huawei subsidiary Honor grabbed the third position with growth of 460% and a market share of 12%, which is mainly because Honor can now sell foldable smartphones in huge quantities outside of China.
Motorola is making its comeback in the foldable industry with a massive 1473% sales increase, placing it second following Honor in market share at 11%. Although foldable phone designs are moving forward to a vertical folding style like Samsung’s Galaxy Z Fold 5, over 55% of sales are of this type.
