Huawei may achieve 30% shares of global foldable market in 2024: TrendForce

Huawei is doing well in the foldable category, and a new prediction says that the company could achieve 30% shares of the global folding handset market in 2024. A recent report from TrendForce sheds light on this topic for every tech vendor.

TrendForce mentions that Huawei is gradually reaching new heights in the global foldable phone market and may obtain 30.8% shares in 2024. It is likely to appear as a powerful contender among other players like Samsung, Xiaomi, OPPO, and more.

A part of the achievement’s credit belongs to the Huawei Mate X5 which is winning hearts due to 5G capabilities and Kirin chip. Excluding the book style, the firm is making profits from clamshell products as well – thanks to the Pocket 2 device.

Huawei is also working on the world’s first tri-fold handset which could arrive by the third quarter of this year. Even though the device’s specs are currently a secret, it would surely overtake other foldable phone vendors in the global market.

Further inputs reveal that Samsung could go down from 80% to 50.4% this year as it is facing immense competition from companies like Huawei in this race.

TrendForce 2024 global foldable market forecast report (Image Credits: MyDrivers)

Phone makers like Xiaomi, OPPO, and Vivo may also drop since their growth rate seems to remain stagnant with around 1 million unit shipments. As for the overall market, TrendForce says that the selling figure could reach 17.8 million units in 2024.

The ups and downs in the foldable market are the result of price hikes. Due to efficient implementation and advanced tech solutions, the cost of new folding phones increases which often makes users stick with their old handsets.

Recent Report:

Counterpoint data recently showed that Huawei is standing at the top of the Q1 2024 global foldable market ranking with a 257% YoY growth rate. For the first time, it has left behind Samsung in this battle and continues to move ahead.

Three more quarters are left to figure out the overall result of the foldable market this year. It would be worth seeing how Huawei will maintain its place on the global surface.