The global foldable smartphone declined for the first time after six consecutive quarters of growth. According to a report by Counterpoint Research, the foldable phone shipments saw a 1% YoY decline in Q3 2024.
Samsung retained its position as the leader in the foldable smartphone market, capturing a commanding 56% market share, largely fuelled by the launch of its Z6 series. However, the brand experienced a 21% year-over-year decline in unit shipments, as per the report.
Among its latest offerings, the book-style Galaxy Z Fold 6 delivered average sales figures, while the clamshell Galaxy Z Flip 6 underperformed compared to its predecessor. The global market share dip can be attributed in part to the rising demand for foldable devices in China, a market where Samsung holds a modest 8% share as of Q3 2024, claims the report. This contrasts sharply with its dominance outside China, where it commands an impressive 82% foldable market share.
Furthermore, as per Counterpoint, Samsung is increasingly facing strong competition from in North America from Moto with its full range of sub-$1000 Razr flip foldables, and in Western Europe from Honor with its thin Magic V series book-type foldables.
Huawei continued its year-over-year growth in foldable smartphone shipments, driven by the success of the Mate X5 and Pocket 2 in the Chinese market. However, its recent experimental launches, such as the budget-friendly Nova Flip and the groundbreaking tri-fold Mate XT, saw more limited uptake compared to its established models.
Meanwhile, Honor and Motorola emerged as two of the fastest-growing brands in the foldable segment, propelled by the strong performance of their flagship devices released earlier this year in June and July.
Xiaomi, however, stole the spotlight with an impressive 185% year-over-year growth in foldable shipments — the highest among all brands. This surge was fuelled by the launch of its first clamshell foldable, the Mix Flip, and the brand’s expansion into international markets. Xiaomi’s global shipment share climbed to 6% this quarter, marking its highest point since entering the foldable market in early 2021.
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