Global foldable smartphone shipments to decline in Q3 2024: report
Global shipments of foldable smartphones fell 1 percent year-on-year in the third quarter (Q3) of 2024, according to a market research firm. The market is said to have dipped for the first time after six consecutive quarters of growth. Samsung had the largest market share in the foldable smartphone market globally, followed by brands such as Honor, Huawei, Motorola and Xiaomi. The latter recorded the highest year-on-year growth among foldable brands, thanks to the launch of foldable smartphones outside China.
Worldwide shipments of foldable smartphones
According to one report According to Counterpoint Research, the third quarter of 2024 marked the first-ever decline in global shipments of foldable smartphones. Samsung’s poor performance of its flagship Galaxy Z Fold 6 and Galaxy Z Flip 6 has been attributed as one of the possible causes of this decline. Despite this, the South Korean technology conglomerate had a 56 percent market share and shipped far more devices than its rivals.
The data comes from Counterpoint Research’s Global Foldable Smartphone Market Tracker.
Global shipments of foldable smartphones in Q3 2024
Photo credit: Counterpoint Research
However, by its own standards, Samsung experienced a decline of 21 percent year-on-year. Declining numbers in China, thanks to the emergence of different brands and products, meant the company only had an 8 percent market share in the country. It is also reported to face strong competition from Motorola’s latest Razr series in North America, while Honor’s foldable smartphones would also give it an uphill battle in the Western European market.
Huawei is reported to be the second largest player in the global foldable smartphone market with a 15 percent share, up from 13 percent compared to the same period last year. While it launched several experimental models such as the Nova Flip and the Mate XT Ultimate Design that saw lower shipments, the company is looking to boost growth with the launch of the Mate X6 this month.
Honor and Motorola took the third and fourth places in the list with 10 percent and 7 percent market share respectively. Counterpoint notes that both brands were among the fastest growing in the third quarter of 2024, thanks to the launch of flagship smartphones in recent months. Xiaomi recorded the highest year-on-year growth among foldable brands at 185 percent. It also had a 6 percent market share – the highest since it entered the foldable smartphone market in the first quarter of 2021.
