Foldable Phones: A Struggling Market Yet to Take Off
Major smartphone manufacturers are placing their bets on foldable phones to reinvigorate the mobile market, which has been facing a downturn in recent years. Companies such as Samsung, Motorola, Huawei, and Honor have all introduced foldable phone models, hoping to capture consumers’ attention with this innovative technology.
Despite being introduced almost five years ago, foldable phones currently hold only a meager market share of just over 1 percent of all smartphones sold globally. However, Samsung, the leader in the foldable phone market, has heavily invested in marketing its devices this year. In July, it released the 5G Galaxy Z series, aiming to attract customers with its cutting-edge features and technology.
According to Samsung, Counterpoint Research estimates that foldable devices may account for more than a third of all smartphones costing more than $600 by 2027. This projection indicates the potential growth of the market, and it is clear that major players in the industry believe in the potential of foldable phones.
Notably, Apple has not shown any interest in foldable phones so far. However, there have been patent filings suggesting that the tech giant may consider introducing an iPad that can fold in half. Apple’s entry into the foldable phone market could significantly impact its growth and bring in a new wave of consumers.
Following in Samsung’s footsteps, other smartphone manufacturers such as Google, Huawei, Oppo, and Xiaomi have also entered the foldable phone market. This influx of competition indicates a growing interest in the technology and a belief that it could become more mainstream in the future.
Despite optimism from industry insiders, market data shows that foldable phones are still far from becoming mainstream. Only an estimated 16 million units are projected to be sold this year, highlighting the limited demand for these devices. Concerns about high prices, reliability, and utility are deterring consumers from adopting foldable phones.
Analysts suggest that there may be an oversaturation of foldable phone products in the market, contributing to the low demand among consumers. With limited options and uncertainty surrounding the technology’s reliability, people remain hesitant to invest in foldable phones.
As smartphone makers continue to invest in foldable phone technology, it remains to be seen whether these devices will gain broader acceptance in the market. For now, it seems that the path to mainstream popularity for foldable phones is a challenging one, and consumers remain skeptical about their value and usability.
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