NEW DELHI: Year 2024 has not been a good one for foldable smartphones, as global shipments saw a 1% year-over-year (YoY) decline in Q3 2024, following six consecutive quarters of YoY growth. According to the latest data from Counterpoint Research, this marks the first-ever Q3 decline in the segment's history. The downturn is primarily attributed to Samsung's relatively underwhelming performance with its new Galaxy Z6 series.
Samsung’s Struggles
Despite regaining its position as the global market leader with a 56% share, driven by the launch of the Z6 series, Samsung experienced a 21% YoY drop in unit shipments. Among its new models, the book-type Galaxy Z Fold 6 delivered modest sales, while the clamshell Galaxy Z Flip 6 struggled to match the success of its predecessor. The decline in global market share was partly driven by growing foldable demand in China, where Samsung’s presence remains comparatively small, with just an 8% foldable market share in Q3 2024. Outside China, however, Samsung remained the undisputed leader, with an 82% share.
Rising competition
As the foldable supply chain matures, Samsung is facing increasing competition. In North America, Motorola is gaining ground with its full range of sub-$1,000 Razr flip foldables, while in Western Europe, Honor has been making strides with its thin and attractive Magic V series book-type foldables.
Huawei’s Growth
Huawei continues to show YoY growth in foldable shipments, driven by the sustained popularity of its Mate X5 and Mate Pocket 2 models in China. However, its newer, budget-friendly Nova Flip and the world’s first tri-fold device, the Mate XT, were more experimental and saw lower shipments than its established models. Huawei is expected to see further growth with the anticipated launch of the Mate X6 in Q4 2024.
Strong Performer: HONOR, Motorola, and Xiaomi
HONOR and Motorola remain among the fastest-growing brands in the foldable market, both benefiting from flagship devices launched in mid-2024. Xiaomi recorded the highest YoY shipment growth among foldable brands at 185%. This surge was driven by the launch of its first clamshell foldable, the Mix Flip, and its official debut in markets outside China. As a result, Xiaomi’s global foldable market share rose to 6% in Q3 2024, its highest since entering the foldable market in Q1 2021.
Jene Park, senior analyst at Counterpoint Research, commented that the global foldable market appears to have entered a transition phase, facing challenges as it shifts from a niche segment to the mainstream. User satisfaction remains particularly high with book-type foldable devices, but prohibitively high prices continue to be the biggest obstacle to mass adoption. “If manufacturers focus on improving price accessibility, along with enhancing technological reliability and consumer perceptions, this phase could be successfully navigated," said Park.
