Huawei captures first spot in Q3 2024 Chinese foldable race: IDC

IDC has released a new report on the Chinese foldable market ranking for Q3 2024 and Huawei has captured the first spot. The analysis also reveals the overall progress of the Chinese foldable segment in the third quarter of this year.

As per the rankings, Huawei took first place in the Q3 2024 Chinese foldable market race. It obtained 41.0% of the market share with a better annual growth rate.

The company secured the top position following the fruitful success of the Mate XT tri-fold. Huawei launched its new creation last month with three folding screens. It bears a Z form factor and uses a dual-hinge technology to maintain durability.

IDC report states that Huawei’s tri-fold opened a new track in the foldable game. Many tech vendors are now busy readying their tri-folding handset as the champion Mate XT leads in the market. We may witness more such creations in the future.

“…the launch of the world’s first tri-foldable phone is expected to further drive the foldable market development.” – said IDC.

Apart from Huawei, the report highlights seven top rankers of the Q3 2024 Chinese folding phone sector. Honor follows its parent firm at the second spot with a 21.9% market share. It has achieved second place in horizontal foldable devices while the third position in the clamshell product market.

Q3 2024 Chinese foldable market report (Image Credits: IDC)

Xiaomi ranked third in the Chinese foldable market. This is the first time after Q2 2021 that the MIX Fold maker entered the top three foldable rankers list. It achieved a market share of 17.2% following the success of the new MIX Fold.

Samsung captured 7.7% of the market share whereas, Vivo is in fifth place, ranking third in the horizontal foldable market. OPPO, Lenovo, and ZTE secured the sixth, seventh, and eighth positions respectively in the Q3 2024 Chinese foldable market.

IDC also mentioned that the Chinese foldable market shipped around 2.23 million units in the third quarter of 2024. The year-on-year growth is better but has slowed down significantly, compared to the previous eight quarters.

The research firm notes that foldable phones still have room for changes as well as improvements. The price and experience of the product don’t meet everyone’s needs like a regular phone. Hence, tech makers have to make more innovative folding devices.

Q3 2024 Chinese foldable market report (Image Credits: IDC)