Global shipments of foldable smartphones declined by 1% in the third quarter of 2024 compared to the previous year, according to a report by Counterpoint Research. This marks the first downturn in the segment's history. Let's explore the reasons behind this trend.
What Do the Numbers Say?
Despite shipment growth from Xiaomi (185%), Motorola (164%), and Honor (121%), an overall decline was driven by Samsung's 21% drop and a 33% decrease from other brands. While the global market experienced a dip, the Russian market is still growing, with a 30% increase in sales during the first nine months of 2024.
Reasons for the Decline
Analysts at Counterpoint Research suggest the boom in foldable devices is waning. Here are the main contributing factors:
- High Prices: Foldable phones remain expensive, limiting their accessibility to most consumers.
- Samsung's Struggles: Weak sales of the Galaxy Z Fold6 and Z Flip6 negatively impacted the overall market.
- Competition: Samsung faces increasing competition from Chinese brands and more affordable devices like the Motorola Razr and Honor's foldable offerings.
- Bulkiness: "Book-style" foldable phones are often thick, making them less convenient for everyday use.
- Lack of Perceived Value: Manufacturers haven't effectively communicated the benefits of foldable phones beyond a larger screen for video and multitasking.
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