Foldable Smartphone Shipments Declined in 3Q24

Global foldable smartphone shipments saw a 1% decline in 3Q24 after six consecutive quarters of YoY growth, according to Counterpoint Research. This was also the first-ever Q3 decline in the segment’s history, mainly due to Samsung’s relatively underwhelming performance with its new Galaxy Z6 series.

Samsung regained its position as the global market leader with a 56% share, driven by the Z6 series launch. However, the brand’s unit shipments fell 21%. The decline in global market share was partly due to growing foldable demand and contribution from China, where Samsung has a comparatively small presence with only 8% foldables share compared to being the undisputed leader globally (ex-China) with 82% share. Samsung is also facing strong competition in North America from Motorola and in Western Europe from Honor.

Huawei continued its growth in foldable shipments and is expected to drive further growth in 4Q24. HONOR and Motorola remained among the fastest-growing brands in the foldable market, both benefiting from their flagship devices launched in June and July. Notably, Xiaomi recorded the highest growth among foldable brands at 185%. The brand’s global shipment share rose to 6% this quarter, its highest since entering the foldable market in 1Q21.

“The global foldable market appears to have entered a transitionary phase where it is facing challenges as it progresses from a niche segment to the mainstream. User satisfaction is particularly high with book-type foldable devices, but the prohibitively high prices remain the biggest obstacle to mass adoption. If manufacturers give serious consideration to improving price accessibility, along with achieving further technological reliability and enhancing consumer perceptions, this phase can be overcome,” said Jene Park, Senior Analyst at Counterpoint Research.