The future seems bright for foldable Galaxy smartphones
The International Data Corporation (IDC) predicts a remarkable surge in foldable phone shipments in the coming years. IDC’s latest projections show that the global shipment of foldable phones will reach 21.4 million units by 2023, representing an impressive 50% increase from the 2022 estimate of 14.2 million units. These numbers reflect an immense demand for foldable technology around the world.
Interestingly enough, the forecast gets even better. The projection further estimates that foldable phone shipments will escalate to a staggering 48.1 million units by 2027, with a compound annual growth rate (CAGR) of 27.6% between 2022 to 2027.
Conversely, standard smartphones are anticipated to attain 1,322.9 million units by 2027, marking a compound annual growth rate of 2.1% from 2022 to 2027, as per the company’s projections. Moreover, IDC foresees a 6.8% reduction in the average selling prices of smartphones.
New foldable phone models could further boost sales figures
IDC notes that the enhancements in durability, build quality, and overall user experience due to advances in hardware and software could be driving factors behind the forecast. Besides, new models, including the Galaxy Z Fold 5, will likely bring further enhancements and refinements to this category and sustain its growth trajectory.
According to Abila Popal, the Research Director for IDC’s worldwide tracker team, the foldable device market experienced a significant boost of 75.5% in 2022 due to a 10% decrease in Average Selling Price (ASP), making these devices more affordable in various markets. The trend will likely continue, with consumers seeking novel and impressive features to justify upgrading their smartphone experience. “Foldable devices currently bring that wow factor, and I believe they will continue to grab more headlines and outperform non-foldable smartphones over the next five years,” said Popal.
Samsung is anticipated to launch a tri-foldable phone before the current year concludes, which is expected to bode well for the company. Details about the device remain scarce, although it is speculated to feature a unique foldable OLED screen with two hinges that permit it to transform from a compact smartphone to a sizable screen tablet.