According to a report by DSCC (Display Supply Chain Consultants), in the ever-evolving smartphone world, the third quarter of this year saw a groundbreaking surge in foldable device sales, setting a new record.
The foldable phone market grew by 215% in the third quarter
This remarkable rise is attributed to the launch of Samsung’s Galaxy Z Fold5 and Z Flip5 models, which attracted great interest from consumers. Increased 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 (Q2 2023) and grew by a significant 16% compared to the same period last year (Q3 2022), totaling 7 million units. 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 down from 86% 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 with 45% of the market and the Fold5 with 24%. Huawei’s Mate X3 and Honor’s Magic V2 each achieved 6% market share.
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Looking ahead to the fourth quarter (October-December), DSCC forecasts a 35% decline in foldable phone sales compared to Q3, largely attributed to lower-than-expected shipments and delays in new product releases from Samsung. Samsung’s market share is expected to fall to 42%, a significant decline from the 83% share recorded last year.
However, the report shows a notable shift in the competitive landscape, with Huawei expected to rise to 21% market share, followed by Honor with 19%. The Mate X5 is predicted to overtake the Fold5 and move into second place in the model ranking with 15% market share. The Honor Magic V2 is expected to overtake the Fold5 to take third place with 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, totaling 15.8 million units. The top five models for the full year are expected to be the Galaxy Z Flip5, Z Fold5, Z Flip4, Honor Magic V2 and Huawei Mate X5. This data underscores the growing popularity and market acceptance of foldable smartphones in the tech sector.
*** Translated with www.DeepL.com/Translator (free version) ***
