Based on a volume of 14.2 million units shipped in 2022, global sales of foldable phones will increase by more than 50% in 2023, reaching 48.1 million units by 2027.
According to estimates from analyst firm IDC, the global foldable phone market will grow at an average annual rate of 27.6% between 2022 and 2027, contributing to the overall revival of the smartphone market, dragged down by the slowing global economy and the trend for consumers to replace their current phone less often.
Interestingly, sales of conventional smartphones are also expected to increase, as well as price cuts. Thus, based on an average annual growth of 2.1% between 2022-2027, the 6.8% reduction in the average price will certainly put pressure on the remaining players, and it is not excluded that some smartphone manufacturers will announce their exit from the market.
Despite optimistic estimates for foldable phone manufacturers, their share of the market will not increase much, with only 3.5% of global smartphone sales in 2027 expected to be from foldable phones (48.1 million vs. 1332.9 million units).
Based on significant advances in the durability and build quality of foldable devices, as well as improvements on the software and hardware side, sales growth of foldable phones will continue to be capped by high costs, with none of the players in this market so far managing to bring prices below those of premium phones.