Huawei increases 12% global foldable phone market share: TrendForce

Huawei has achieved great success in the Chinese foldable market and at the same time, the company is touching new heights in Global folding phone market share. That says the newly published report related to the worldwide foldable shipment.

TrendForce put forth new insights regarding the 2023 global foldable phone shipment market share and says that Huawei has raised by 12% in this segment. Further, the report notes that the company is significantly increasing its foldable shipment.

Adding more, TrendForce predicts that Huawei is likely to gain a global foldable market share of 20% in 2024. This is so as the Chinese tech giant continues to implement advanced technologies and cost-effective upgrades to its folding handsets.

Meanwhile, Samsung dropped by 10% in the global foldable market share and reached 70% in 2023 (80% in 2022). Other brands like Vivo, OPPO, and Xiaomi are revolving around the 10% mark in the worldwide folding smartphone market.

Although tech vendors like Honor and Xiaomi are planning to enter the small vertical foldable race, Huawei has already taken the lead by unveiling the Pocket 2 model with amazing features and characteristics. It seems the global foldable market will become more competitive in the time ahead.

Global Foldable Market in 2024

TrendForce also made some predictions for the global foldable handset market in 2024. The research firm says that last year, the global folding phone shipment touched 15.9 million number with a year-on-year increase of 25 percent.

Probably in 2024, the shipment mark could rise to 17.7 million units, a hike of 11%. Besides, the information reveals that future developments could focus on cost optimizations with better components like UTG, hinges, and other facilities.

Notably, cost optimization is quite necessary as it makes it difficult for companies to meet sales targets. On the other hand, consumers fear opting for a folding phone due to frequent issues with the screen or other segments and pick a flagship phone instead. Let’s see what steps tech giants will take to overcome these challenges.

(Source)