According to the DSCC (Display Supply Chain Consultants) report, in the ever-evolving smartphone world, the third quarter of this year witnessed a groundbreaking increase in foldable device sales and a new record was broken.
The foldable phone market experienced 215% growth in the third quarter of the year compared to the previous one
This remarkable rise is attributed to Samsung attracting great attention from consumers with the launch of the Galaxy Z Fold5 and Z Flip5 models. Increasing competition from Chinese manufacturers also played an important role in this rise.
The numbers are striking; Foldable phone sales increased by a staggering 215% compared to the previous quarter (2nd quarter of 2023) and reached a total of 7 million units, recording a significant growth of 16% compared to the same period last year (3rd quarter of 2022). This strong performance eclipsed the previous peak of 6.1 million units achieved in the previous quarter.
Samsung, a dominant force in the foldable phone market, had an impressive 72% market share, although that was down from its 86% share in the same quarter last year. Surprisingly, Huawei came in second with 9% market share, followed by Honor with 8%. The two best-selling models were Samsung’s Z Flip5, which accounted for 45% of the market, and the Fold5 model, 24%. Huawei’s Mate X3 and Honor’s Magic V2 each achieved 6% market share.
Looking ahead to the fourth quarter (October-December), DSCC is predicting a 35% decline in foldable phone sales compared to Q3, with this decline largely attributed to Samsung’s lower-than-expected shipments and delays in new product launches. Samsung’s market share is expected to drop to 42%, a significant decline from the 83% share recorded last year.
However, the report shows a significant shift in the competitive landscape, with Huawei expected to rise to 21% market share, followed by Honor at 19%. It is estimated that Mate X5 will surpass Fold5 and rise to second place in the model ranking with a 15% market share. Honor Magic V2 is expected to rank third, leaving Fold5 behind with a 12% market share.
From a broader perspective, the full-year forecast for 2023 points to a 23% increase in foldable smartphone sales compared to 2022, reaching a total of 15.8 million units. The top five models for the whole year are expected to be Galaxy Z Flip5, Z Fold5, Z Flip4, Honor Magic V2 and Huawei Mate X5, respectively. These data underscore the growing popularity and market acceptance of foldable smartphones in the technology sector.
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