FOLDABLE SMARTPHONE MARKET ANALYSIS

A foldable smartphone is a device with a folding form factor, which include the layout, size, and design of the mobile phone. The feature of the foldable smartphone is that it folds in an outward and inward direction. The foldable smartphone has flexible display which allows the phone to bend, twist, and fold. The flexible display technologies include e-paper and OLED (Organic Light Emitting Diode) displays. When power is transmitted through organic compounds of e-paper and OLED, they radiate their own light, which implies that these displays do not require illuminated lights to function as they radiate their own light, enabling the foldable smartphones to be thinner and more flexible. Some devices fold out on a vertical plane to form a broader display, tablet-like form, but remain usable in a smaller, folded state; the display could either roll around to the back of the smartphone when folded, or even use as a booklet-like structure where the wider, folded display is located on the inner surface, and a display on its "cover" allows users to use the smartphone without opening it.

Global Foldable Smartphone Market - Impact of Coronavirus (Covid-19) Pandemic

Due to COVID-19 pandemic, numerous industries have witnessed major shift in their business. There has also been negative impact on the growth of global foldable smartphone market as manufacturing processes are provisionally closed across several countries to contain the Coronavirus. There is also a shortage of mobile chipsets in the market due to distraction in manufacturing. Several manufacturing companies such as Samsung, Xiaomi, OPPO, and LG Display have suspended their manufacturing operations in China, India, South Korea, and in European countries. As China being a hub for electronics equipment’s and companies inclines to manufacture their products in China, the market due to COVID-19 has drastically dropped. For instance, in May 2020, OPPO company closed down its processes in Noida, India. Additionally, demand for foldable smartphone devices has decreased due to lockdown imposed in several countries.

Figure 1. Global Foldable Smartphone Market Share (%), by Region, 2028

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Asia Pacific is expected to witness a significant growth over the forecast period, owing to rise in demand for advanced consumer electronics combined with high adoption in entertainment and gaming industries.

Foldable smartphones have been set at the top of smartphone technology, which became profit oriented in 2019. China is the global manufacturing center for most electronic devices and components. One of the motive that companies produce their products in China is because of the ample sufficiency of lower-wage workers available in the country. Moreover, the business environment of networked dealers, component makers, and distributors has progressed to make China more competent and economical place for production. These are the factors which propel the global foldable smartphone market. For instance, Huawei Technologies Co., Ltd, based in Shenzhen, Guangdong is a Chinese multinational technology company, which designs, develops, and sells telecommunications equipment and consumer electronics.  The Huawei Mate X2 is an Android-based high end foldable smartphone produced by Huawei. The phone, unveiled on February 22 2021, serves as the successor to the Mate X and Mate Xs. One of the feature of foldable smartphone is the large screen tablet with the portability of a smartphone. The screen of the foldable smartphone is broader than the regular smartphones. Consumers highly prefer this foldable smartphone for entertainment and gaming purposes. The market players such as Huawei and Samsung have been developing new models of smartphones with foldable feature.

Figure 2. Global Foldable Smartphone Market Share (%), by Functionality Type, 2028

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Based on functionality type, the market is segmented into inward fold and outward fold. Inward fold is expected to reach a market share of 52% by 2027, exhibiting a 22.6% CAGR between 2020 and 2027.