Foldable phones surge in popularity amid stagnant market
(ECNS) -- With continuous technological advancements, shipments of foldable phones have seen consecutive growth against the odds of sluggish smartphone sales in China.
A report released in February by the International Data Corporation (IDC) showed that the shipment volume of foldable phones in China reached about 7 million units, a year-on-year increase of 114.5 percent.
On Feb. 22, Huawei unveiled its latest vertical foldable phone, the Pocket 2. According to market research firms, Huawei leads the foldable phone sector in terms of shipments.
Other Chinese smartphone manufacturers including OPPO, Vivo, and Honor have all entered the foldable phone arena. These manufacturers released about a dozen foldable models in 2023, marking an explosive phase in the industry.
The "2024 China Foldable Phone Consumer Insight Report" published by market consultancy iiMedia Research suggests that the purchase of foldable phones is gradually expanding, with noticeable growth trends among high-end and female users.
In 2023, the proportion of female users increased by 9 percent year-on-year, while the 18 to 29 age group, known for their enthusiasm for new trends, and the 40 and above age group with stable incomes, accounted for 30.6 percent and 43.1 percent, respectively.
Foldable phone technology is rapidly evolving, gradually shifting from being a niche gadget for enthusiasts in 2021 to becoming a choice for mass users, said Zhong Xinlong, director of the Artificial Intelligence Research Lab at the Future Industry Research Center of CCID Consulting.
Looking ahead, iiMedia Research predicts that the foldable phone market will maintain high-speed growth from 2024 to 2025.
Guo Tianxiang, senior analyst at IDC China, pointed out that foldable phones would remain a key focus for manufacturers in 2024.
The involvement of more manufacturers and the launch of more products will continue to drive rapid market development, Guo said.
