Folding the Future: Q3 2023 Sees Record-Breaking Shipments of Foldable Smartphones, Samsung Dominates Market Share, Reveals Report

The third quarter of 2023 witnessed an unexpected surge in the popularity of foldable smartphones, outpacing earlier projections, according to a recent report. The notable increase in shipments of both foldable smartphones and their panels during this period can be attributed to two primary factors, as outlined in the study. Firstly, the launch of Samsung’s Galaxy Z Flip 5 and Galaxy Z Fold 5 in July played a pivotal role in driving demand and market growth. Secondly, there was a substantial increase in the overall number of foldable smartphones introduced by various brands, particularly in the competitive Chinese market.

The Display Supply Chain Consultants (DSCC) report highlights that foldable smartphone shipments in Q3 2023 experienced a remarkable surge, rising by 215 percent Quarter-on-Quarter and 16 percent Year-on-Year, reaching a total of 7 million units. This figure exceeded the earlier outlook by 1 percent and surpassed the previous record of 6.1 million units in Q3 2022 by an impressive 16 percent. Samsung, the South Korean tech giant, emerged as the market leader during this quarter, commanding a dominant 76 percent market share, with particularly high demand observed in European markets, as per the report.

Securing the second spot in market share was Huawei, capturing 9 percent of the foldable smartphone market. Huawei’s contribution to the growth can be attributed to the launch of the Huawei Mate X3 in March. This device is equipped with a Snapdragon 8+ Gen 1 SoC, a 4,800mAh battery with 66W wired and 50W wireless charging support. The book-style foldable features a 7.85-inch OLED inner display with a resolution of 2,224×2,496 pixels and a 6.4-inch OLED cover panel with a resolution of 1,080×2,504 pixels. The competitive landscape in the foldable smartphone market continues to evolve, with major players driving innovation and captivating consumer interest in this dynamic segment.

Honor grabbed onto the third spot with an 8 percent market share with its Magic V2 model. This is another book-style foldable smartphone launched in China. It is backed by a Snapdragon 8 Gen 2 SoC and a 5,000mAh battery with 66W Honor SuperCharge support. This phone features a 7.92-inch interior display with a resolution of 2,344 x 2,156 pixels, and a 6.43-inch outer screen with a resolution of 2,376 x 1,060 pixels.

The DSCC report added that in Q4 2023, foldable smartphone shipments are expected to fall 35 percent QoQ and rise 47 percent YoY to 3.6 million. Samsung’s brand share is also expected to take a tumble to land at 42 percent, according to the report.

DSCC CEO Ross Young noted that the entry of new players in the foldable smartphones market with Google Pixel Fold, OnePlus Open, Tecno Phantom V Flip and Tecno Phantom V Fold has helped this rise in shipments.