Global Foldable Smartphone Market, by Functionality Type (Inward Fold and Outward Fold), by Sales Channel, (Online and Offline), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), Global Forecast to 2028, is expected to be valued at US$ 69.91 billion by 2028, exhibiting a CAGR of 20.4% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights..
Foldable smartphone is reflected as an upcoming generation product and the next immense innovation in the smartphone technology. The core of foldable smartphones is the usage of a foldable OLED (Organic Light-Emitting Diode) display that will allow new device form factors such as size, shape, designs, and others. Foldable smartphones are an addition of flexible OLED technologies, the expansion of which began in the late 2000s and first occurred in consumer television displays. Foldable smartphones are the next creation of smartphone displays which are very adaptable in nature, letting operators to interact with the phone by twisting, bending, and folding the display like a piece of paper or folding like a book. It’s an electronic graphical display based on the electronic paper (e-paper) technology.
Global Foldable Smartphone Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 effect on several countries was relatively mild until mid-March, 2020. Almost all smartphone and foldable smartphone production companies have been closed due to lockdown restrictions. Further, with the social distancing rules, companies started running at lower volumes even after the lockdown got lifted. However, economic operations dropped as people save money in expectation of a prolonged period of insecurity and people are cautious about complete lockdown in upcoming period. Consumer demand have a larger impact on smartphone sales, as individuals focuses on saving and therefore limit discretionary purchases. The entire global supply line starting from manufacturing to sales of foldable smartphone was disrupted. . For instance, a well-known smartphone manufacturer Foxconn closed down its plants in China in February 2020.
Increasing demand of inward fold and advancements in technologies in foldable smartphone market is expected to propel the market growth during the forecast period 2021-2028.
The market for foldable smartphones has been characterized by continually shifting dynamics, owing to significant advancements in technology and product up-gradation, which has aided the market over the last few years. This is expected to continue in the future as well. Some well-known companies have been filing patents for folding smartphone designs that may be released shortly. For instance, Apple Inc., has registered its folding smartphone technology, which includes a hinge heating system to protect it from wear and tear over time. Thus foldable smartphone manufacturers are experimenting with various form factors. Increased consumer knowledge of the latest trend in smartphone technologies across developed countries such as China, the U.S and others is generating demand for such a product, with manufacturers' expanding business strategies giving unique foldable design, boosting the market growth. For instance the different designs, shapes can be observed in Motorola Razr and Samsung Galaxy Fold, as each of these phones have a unique design. Huawei announced plans to release the Huawei Mate X2, a second-generation foldable smartphone featuring an inward folding display, in August 2020. Oppo has launched two new foldable phones in April 2021, both having an inward-folding design. Vivo is also slated to release a folding phone of its own, which will fold inwards as well.
To know the latest trends and insights prevalent in the Global Foldable Smartphone Market, click the link below:
Key Trends and Analysis:
The growth of 5G technology in foldable smartphone and partnership strategy to develop new specifications in foldable smartphone are key trends in global foldable smartphone market. All of the foldable display smartphones that have been shown so far have focused on screen continuity and multitasking capabilities. Users will be able to effortlessly keep multiple apps active in different portions of a screen, owing to cutting-edge CPUs that provide the necessary speed and capacity. The foldable smartphones progressively have 5G-ready CPUs and other components. Google's association with Samsung on foldable smartphones could also develop foldable Pixel gadgets in the upcoming years, since Samsung has the experience of Galaxy Fold to help the telephone's android similarity. Independently, BOE Technology has fostered its own adaptable AMOLED show screens and has effectively collaborated with ten foldable smartphone producers, including Oppo, Vivo, Huawei, Xiaomi, and ZTE just as Nubia Tech.
Major Market Players/Competitors
Key players operating in the global foldable smartphone market include Huawei, Lenovo Group Ltd., LG Electronics, Microsoft, Motorola, Oppo Co. Ltd, Royole, Samsung, Sony, TCL and Xiaomi.
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