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Samsung faces rising competition as foldable phones might reach nearly 5% market share by 2028

By Tsveta Ermenkova

Published: Jun 03, 2024, 5:07 AM

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Samsung faces rising competition as foldable phones might reach nearly 5% market share by 2028

Header image is referential, showcasing the Galaxy Z Fold 5 | Image credit–PhoneArena

Since the modern era of foldable phones kicked off in 2019, Samsung has been the go-to brand. But with competition from various players heating up lately, including Huawei even surpassing Samsung in Q1 2024, the foldable phone landscape is undergoing some changes.

Samsung is still leading in the foldable market, but…

Market research firm TrendForce analysts note that Samsung's share has dipped from 60 percent to just over 50 percent. And while foldable phones might only make up about 1.5 percent of the global smartphone market by the end of 2024, that number could climb to 5 percent by 2028, especially if Apple jumps into the foldable fray.

In 2024, foldable phone shipments are projected to hit 17.8 million units, accounting for just 1.5% of the smartphone market. Despite challenges like high repair rates and costs, experts anticipate market penetration to rise to 4.8% by 2028.

Samsung, once the dominant force in the foldable phone market with over 80% market share in 2022, has seen its dominance wane in the face of growing competition from other brands. As mentioned, by 2023-2024, Samsung's share has declined to around 50%, marking a notable drop from its previous stronghold at 60%. Why?

Well, Huawei made notable progress in the foldable phone market with its Pocket S in 2023, capturing a 12% market share. Building on this momentum, Huawei introduced upgraded 5G models such as the Mate X5 and Pocket 2 in 2024. Furthermore, the rumored launch of the world's first tri-fold phone this year could further elevate Huawei's market share.

Meanwhile, other Chinese companies like Xiaomi, Oppo, and vivo faced challenges in expanding their foldable phone sales, with each falling below the 1 million unit mark. Motorola, on the other hand, made a notable impact with its Razr 40 (aka Razr (2023)) and Razr 40 Ultra (aka Razr Plus (2023)), poised to surpass 1 million units and secure a 6% market share.

With rumors about Apple jumping into the foldable phone game sometime before 2027 still buzzing, TrendForce notes if the tech giant does enter the game, it could shake the market big time. However, this remains to be seen.

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Tsveta, a passionate technology enthusiast and accomplished playwright, combines her love for mobile technologies and writing to explore and reveal the transformative power of tech. From being an early follower of PhoneArena to relying exclusively on her smartphone for photography, she embraces the immense capabilities of compact devices in our daily lives. With a Journalism degree and an explorative spirit, Tsveta not only provides expert insights into the world of gadgets and smartphones but also shares a unique perspective shaped by her diverse interests in travel, culture, and visual storytelling.