Foldable Smartphones See 73% Sales Growth YoY

The smartphone industry is one of the most profitable in the world, and a unique development and innovation within this industry is seeing a lot of growth as of late. This innovation is that of foldable smartphones, and while these devices have their fair share of detractors they are also seeing some tremendous success in terms of global units being sold with all things having been considered and taken into account.

With all of that having been said and now out of the way, it is important to note that global shipments of foldable smartphones have crossed 16 million units so far this year. That represents a solid 73% growth rate, and it lends credence to the investments that companies like Samsung have made in this sector. Samsung already has a 62% share of the global foldable smartphone market, with its Galaxy Fold devices driving much of the growth in this category. It is expected that their share of the market will increase to as much as 80% with the latest versions of Galaxy Fold smartphones and Flip 4 products being released later this year.

According to a report released by Counterpoint Research, the global market for foldable phones is expected to see even more growth by next year. Based on this analysis, the foldable smartphone industry will see around 23 million units being sold by 2023. Competitors such as Huawei and Vivo are making an entry into this market as well, but in spite of the fact that this is the case their influence will be rather limited because they are mostly focusing on Chinese markets whereas Samsung has more of a global appeal.

Smartphone sales have generally remained consistent despite severe economic strife all around the world, and foldable phones are introducing a new product segment to the market. This new product is important because of the fact that this is the sort of thing that could potentially end up keeping the industry healthy during a period of increased inflationary pressure which may have limited the growth of this industry if steps had not been taken to mitigate that.

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