The global foldable smartphone market size was valued at USD 27.79 billion in 2023 and is estimated to reach USD 74.02 billion in 2030, growing at a CAGR of 13.5% from 2024 to 2030. The increasing demand for foldable smartphones can be attributed to a combination of rapid technological advancements and evolving consumer preferences that favor more versatile and innovative mobile devices.

A major factor driving this rising trend is the unique versatility and innovation that foldable smartphones bring to the market. These devices offer a dynamic form factor, allowing users to seamlessly transition between a compact smartphone mode and a much larger tablet-sized display. This capability provides users with enhanced screen real estate, which is highly beneficial for activities such as multitasking, gaming, and media consumption. Importantly, this expanded functionality does not sacrifice the device’s portability, making foldable smartphones attractive to a broad range of consumers. The dual-mode experience especially appeals to technology enthusiasts and professionals who require a device that caters to both entertainment and productivity needs in one compact solution.

Another significant driver of market growth is the substantial improvements in durability and overall performance of foldable smartphones. Initial iterations of foldable devices faced considerable criticism, mainly due to concerns about their fragility, particularly related to the folding screens and the hinge mechanisms. These early models were often perceived as delicate and prone to damage, which held back widespread adoption. However, leading manufacturers such as Samsung, Huawei, and other key players have made remarkable strides in addressing these issues. By incorporating more robust materials and refining the design and engineering of the folding hinges, they have significantly enhanced the reliability and longevity of foldable smartphones. Coupled with advances in display technology and overall device performance, these improvements have strengthened consumer trust and confidence in foldable smartphones, thereby contributing to their growing acceptance and popularity in the global market.

Key Market Trends & Insights:

• In 2023, the Asia Pacific region dominated the foldable smartphones market, capturing a significant revenue share of 44.0%. This substantial market presence is driven by factors such as high consumer demand for advanced mobile technologies, a large and tech-savvy population, and strong manufacturing capabilities within countries like China, South Korea, and India. The region’s rapid adoption of innovative smartphone technologies, coupled with expanding smartphone penetration, continues to reinforce Asia Pacific’s leadership position in the foldable smartphone segment.

• When looking at the market from the perspective of device functionality, flip smartphones emerged as the most popular type, accounting for a commanding revenue share of 76.9% in 2023. Flip smartphones, known for their clamshell design that folds vertically, offer users a compact and stylish form factor without sacrificing screen size when opened. This design appeals widely to consumers seeking a blend of nostalgia with cutting-edge technology, making it the preferred choice among foldable device users.

• Regarding the distribution channels for foldable smartphones, the offline sales segment dominated the market with a revenue share of 81.4% in 2023. This indicates that a vast majority of consumers prefer purchasing these innovative devices through physical retail stores, authorized dealers, and carrier outlets where they can experience the product firsthand, receive personalized assistance, and access immediate after-sales support. Despite the growing prominence of e-commerce platforms, offline channels remain crucial in driving foldable smartphone sales, especially in regions where direct consumer engagement and trust in brick-and-mortar stores continue to influence purchasing decisions.

Order a free sample PDF of the Foldable Smartphones Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

• 2023 Market Size: USD 27.79 Billion

• 2030 Projected Market Size: USD 74.02 Billion

• CAGR (2024-2030): 13.5%

• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights:

The foldable smartphone market is defined by highly competitive dynamics influenced by several critical factors. These include ongoing innovation in device functionality, the regional capabilities for production and manufacturing, and the continuous evolution of consumer preferences and demands. To stay ahead in this fast-paced market, leading manufacturers are making substantial investments in research and development (R&D) as well as in the advancement of cutting-edge technologies. Their goal is to deliver high-quality products that offer enhanced functionality while remaining cost-effective to appeal to a broad customer base.

To strengthen their positions and extend their global footprints, companies operating within this market are actively engaging in various strategic collaborations. These include joint ventures, partnerships, mergers, agreements, and acquisitions, which allow them to leverage combined expertise, resources, and market access. Such strategic moves are essential for navigating competitive pressures and capitalizing on new growth opportunities across diverse geographic regions.

In addition to business expansion efforts, market players are also prioritizing the task of increasing consumer awareness, particularly regarding the complexities and nuances associated with different types of foldable smartphone technologies. This educational focus helps address potential consumer confusion and fosters informed purchasing decisions. Furthermore, manufacturers are committed to strictly complying with international regulatory standards, ensuring that their products meet safety, quality, and environmental guidelines, thereby reinforcing consumer trust and safeguarding their brand reputation in the global market.

Key Players

• Samsung Electronics Co., Ltd.

• Huawei Technologies Co., Ltd.

• Motorola Mobility LLC

• Oppo Mobile Telecommunications Corp., Ltd.

• Xiaomi Corporation

• Honor Device Co., Ltd.

• OnePlus Technology (Shenzhen) Co., Ltd.

• Microsoft Corporation

• Google LLC

• Royale Corporation

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The foldable smartphone market is poised for substantial growth driven by advancements in flexible display technology and increasing consumer demand for innovative, multifunctional devices. Key players are focusing on improving durability, design, and affordability to attract a wider audience. Expansion in emerging markets and rising adoption among tech-savvy users are expected to further accelerate market growth. Strategic collaborations and investments in R&D will continue to play a vital role in shaping the competitive landscape.