Foldable Smartphone Market to Reach $174.0 Billion, Globally, by 2031 at 26.0% CAGR: Allied Market Research

Increase in demand for advanced consumer electronics, a growing number of internet users, and the rising demand for phablet drive the global foldable smartphone market growth. Region wise, Asia-Pacific is expected to manifest the fastest CAGR during the forecast period.

PORTLAND, Ore., Feb. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Foldable Smartphone Market by Display Panel Type (Flip, Fold), by Sales Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global foldable smartphone industry generated $17.6 billion in 2021, and is estimated to reach $174.0 billion by 2031, witnessing a CAGR of 26.0% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Drivers, Restraints, and Opportunities

Increase in demand for advanced consumer electronics, a growing number of internet users, and the rising demand for phablet drive the growth of the global foldable smartphone market. However, the high cost of advanced technology and manufacturing complexity of foldable displays hamper the global market growth. On the other hand, expanding the product portfolio of smartphone vendors present new growth opportunities for the global market in the coming years.

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Covid-19 Scenario

• The outbreak of COVID-19 negatively impacted the foldable smartphone market in 2020, as production and sales of companies reduced and operations halted. The implementation of stringent rules and the practice of maintaining social distancing across the globe impacted the domestic and international production negatively, thereby hampering the overall market growth.
• There was a shortage of mobile chipsets in the market due to halt in production. Several manufacturing companies such as Samsung, Xiaomi, OPPO, and LG Display suspended their manufacturing operations in China, India, South Korea, and European countries.
• The market is now recovering with the pandemic situation coming back to normal.

The flip segment to rule the roost during the forecast period

Based on display panel type, the flip pulp segment was the largest market in 2021, contributing to nearly three-fourths of the global foldable smartphone market share, and is expected to maintain its leadership status during the forecast period. This is due to the low cost of flip foldable smartphones as compared to foldable smartphones, making it more affordable. On the other hand, the fold segment is projected to witness the fastest CAGR of 28.4% from 2022 to 2031, owing to the increasing demand for modern consumer electronics along with the high adoption of mobile devices in the entertainment and gaming sector.

The online segment to maintain its dominance during the forecast period

Based on sales channel, the online segment held the largest market share of more than half of the global foldable smartphone market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 27.0% from 2022 to 2031. The growth of the segment is owed to its advantage of saving more time as compared to the offline medium.

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North America to maintain a prominent revenue growth by 2031

Based on region, North America was the largest market in 2021, capturing more than two-fifths of the global foldable smartphone market share and likely to lead in terms of revenue in 2031, owing to the presence of various smartphone companies in the region, resulting in the easy availability of smartphones at a lower price. However, the market in Asia-Pacific is expected to manifest the fastest CAGR of 28.6% during the forecast period. This is due to the rise in demand for advanced consumer electronics and the high adoption of foldable smartphones in the entertainment and gaming industries in the region.

Leading Market Players

• Xiaomi Corporation
• AsusTek Computer Inc.
• LG Electronics Inc.
• Vivo Mobile Pvt. Ltd.
• Royole Corporation
• Huawei Technologies Co., Ltd.
• Microsoft Corporation
• Motorola Mobility LLC
• ZTE Corporation
• Samsung

The report analyzes these key players of the global foldable smartphone market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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