Global shipments of foldable smartphones saw a slight decline of 1 percent year-on-year (YoY) in the third quarter (Q3) of 2024, according to Counterpoint Research. This marks the first dip in the market after six consecutive quarters of robust growth. Despite the downturn, Samsung retained its position as the global leader in the foldable smartphone segment. Other notable players, including Honor, Huawei, Motorola, and Xiaomi, trailed behind, with Xiaomi achieving the highest YoY growth thanks to its strategic foldable launches beyond the Chinese market.
A Shift in Market Trends
The report highlights a shift in consumer interest and challenges faced by key players in the foldable smartphone segment. Samsung, although still dominating with a commanding 56 percent market share, experienced weaker-than-expected performance from its flagship models, the Galaxy Z Fold 6 and Galaxy Z Flip 6. This underperformance is believed to have contributed significantly to the overall market decline, indicating a possible saturation of premium foldable offerings or increased competition from other brands.
Xiaomi’s Rising Momentum
Among the competition, Xiaomi stood out with the most notable growth in shipments compared to the same period last year. The company’s decision to expand its foldable lineup beyond its home market in China appears to have paid off, boosting its international presence and challenging Samsung’s supremacy. Other brands, such as Honor and Huawei, also maintained steady performances, while Motorola continued to capture attention with its Razr lineup, targeting niche audiences.
Future Outlook
Despite the Q3 slowdown, the foldable smartphone market remains a key segment for innovation and growth in the mobile industry. As competition intensifies and brands introduce more affordable and feature-rich foldable devices, the market may see renewed interest in the coming quarters. For Samsung, the decline highlights the importance of maintaining innovation and competitiveness in a segment it once pioneered. Meanwhile, Xiaomi’s international success signals a growing diversification of leadership in the foldable space