Huawei defeats Samsung in Q1 2024 global foldable race: Counterpoint

Huawei snatched the crown of the global foldable market in Q1 2024 from Samsung, according to the latest Counterpoint report. The Chinese OEM is in first place with the highest share, shipment value, and annual growth rate compared to its other rivals.

Report says that Huawei’s comeback in the 5G room has helped it to regain its market share in every category, including smartphone, tablet, and folding device.

While Samsung has been the one and only leader in the global foldable market, Huawei has made it step back in Q1 2024 – thanks to the Mate X5 5G foldable model. The Chinese phone maker achieved 257% YoY growth in the first quarter of this year.

Inputs highlight that the company has shipped over 84% of its total folding devices as 5G handsets. Most of these are Mate X5 – the book-type device that has been the winner of the bestseller award in the Chinese market for three quarters straight.

Other competitors in the ranking include Samsung, Honor, and Motorola. Huawei obtained 35% of the market share in the Q1 2024 global foldable race. Honor has leaped to 12% this year, taking an increment of 9% in the worldwide market share.

Magic V2 developer has obtained the third rank whereas, Motorola come a long way with Razr 40 and achieved fourth position with 11%. While every tech maker is seeing positive growth, Samsung has dropped by 42% in the folding phone market.

Huawei wins, Samsung loses!

A major reason is the continuous introduction of high-end products from Chinese competitors. Though the South Korean firm is looking forward to new heights with the upcoming Galaxy Z Fold and Flip 6 models with more efficient features and upgrades.

Other points in the latest Counterpoint report are:

• The popularity of book-style foldable is more than flip-flop models
• The clamshell devices’ growth rate may rise later this year

Further details mention that the overall global foldable market is swirling with a 49% growth rate YoY. This is the highest percentage among six quarters in a row. Huawei now plans new creations to add more glory to this segment in the time ahead.

[Source – Counterpoint]