Samsung anticipates selling 8 million foldable phones this year and 23 million by 2023

Samsung foldable phones

Samsung Electronics is expected to gain a commanding lead in the rapidly growing foldable phone market. As a result, Samsung has continued to release foldable phones, lead-related technologies, and maintain a leadership position in the market.

Shipments of foldable phones are expected to reach nine million units this year, a threefold increase over last year, according to market research firm Counterpoint Research.

Samsung Electronics is expected to capture 88 percent of the foldable phone market by selling approximately eight million units in this rapidly growing segment. Apart from China’s demand for foldable phones, it will effectively dominate the global foldable phone industry.

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The market for foldable phones is expected to continue growing and will be ten times larger by 2023. Although Chinese smartphone makers such as Xiaomi have attempted to enter the foldable phone market, Samsung Electronics is expected to sell approximately 23 million foldable phones in 2023, capturing 75% of the market.

Because foldable phones are high-value-added products with the potential for high profits, they are expected to contribute to Samsung Electronics’ IM division’s sales and operating profit growth, allowing it to catch up to Apple.

However, with Apple expected to enter the foldable phone market after 2023, the battle for industry leadership between Samsung Electronics and Apple will intensify. According to Counterpoint Research, the foldable phone market will expand rapidly, as will the number and size of overall supply chains as a result of the competition between the two companies.

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Samsung Electronics’ upcoming foldable phone, which will be unveiled on the 11th at Galaxy Unpacked 2021, is expected to feature enhanced functions and user experiences.

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