The global foldable smartphone market has increased 10% YoY in Q2 2023 with a total shipment of 2.1 million units. The growth indicates the increasing trend and popularity of these futuristic devices.
Counterpoint research shows that China’s foldable phone market achieved notable success with 64% YoY growth and 1.2 million units shipment. China accounts for 58.6% of the entire foldable phone sales in the global market.
In Q2 2023, significant momentum is building for the continued growth of the foldable market. This surge was driven by the introduction of key products such as the Huawei Mate X3, vivo X Fold 2, and vivo X Flip, primarily targeting the Chinese foldable market. Additionally, the global (including China) launch of the Motorola Razr 40 and Razr 40 Ultra, further contributed to this growth trend.
“We believe that these frequent product launches (along with the marketing effects that accompany product launches) are changing Chinese consumers’ perception of foldable products. Consequently, Chinese consumers can access a variety of foldable products more easily and frequently than any other market in the world. The continuous release of various foldable products is recognized as one of the important reasons why the Chinese foldable market has continued to grow significantly compared to other markets.” said Counterpoint Research Senior Analyst Jene Park.
It’s also revealed that foldable phone makers including Huawei will continue to launch new devices in the second half of this year. An image shared by the researcher shows a device named – P60 Pocket. It carries a flip-style device, which Huawei previously released at P50 Pocket and an affordable version of the phone later launched as Pocket S
If it is planning to introduce such a device, then Q4 2023 is the right window to claim a launch event.