Foldable Smartphone Market Size

Foldable Smartphones Market Analysis

The Foldable Smartphone Market size is estimated at USD 28.72 billion in 2024, and is expected to reach USD 63.31 billion by 2029, growing at a CAGR of 17.13% during the forecast period (2024-2029).

• The industry is predicted to experience considerable growth throughout the forecast period because of the quickly rising demand for innovative consumer electronics and the increased adoption of smartphones in the entertainment and gaming sector. The rising demand for devices like phablets has also significantly influenced the market for next-generation smartphones in several countries.
• According to Global System for Mobile Communications Association (GSMA), the number of smartphone subscribers in North America is expected to reach 328 million by 2025. Moreover, by 2025, the region may witness an increase in the penetration rates of mobile subscribers (86%) and the Internet (80%). According to GSMA, by 2025, Europe is estimated to register the highest internet penetration rate (82%) and smartphones (88%). Such a rise will drive the studied market.
• Further, the 5G technology is anticipated to be one of the key elements giving original equipment manufacturers (OEMs) possibilities to increase their market presence, supporting growth in the long run. According to a study by Ericsson, the number of 5G subscriptions worldwide is predicted to reach 3.5 billion by 2026. Demand for technology and infrastructure is also predicted to increase globally. Future market growth for foldable smartphones is anticipated to be significantly fueled by these developments.
• Further, flexible and foldable displays are expected to provide future growth opportunities for foldable smartphone manufacturers. The consumption of these foldable smartphones is likely to witness augmented growth if the manufacturers can lower the cost of producing the components of these devices, such as flexible organic light-emitting diodes (OLEDs), chips, sensors, and batteries specifically designed for these devices.
• Moreover, the demand for cloud computing is projected to increase, just like that for 5G connection. There were cloud-based mobile applications that went live and were widely used by individuals before the COVID-19 pandemic. Numerous mobile apps, such as cloud-based video conferencing (for online jobs and classes), gaming, etc., will use cloud-based technologies in the post-COVID-19 world. Several cloud service providers, including Zoom and Microsoft, increased their infrastructure to satisfy the demand. This will create an opportunity for foldable smartphone vendors to develop products according to customers' requirements.
• On the flip side, price reductions while maintaining large-scale innovations hinder the growth of the foldable smartphone market. The technology innovations come at higher costs, increasing the end product price and decreasing the demand for premium-priced smartphones. Also, the increasing costs of raw materials add to this challenge faced by the manufacturers.