The foldable phone market is predicted to achieve a worth of US$ 65 billion by 2031, expanding at a CAGR of nearly 25.2%, according to a new analysis by Future Market Insights (FMI). The ongoing development of smartphones has made it possible for new display technologies to be created, with foldable screens being the most recent invention to completely revolutionize the market.
The market for foldable phones is expected to grow impressively over the coming years as a result of quick technological breakthroughs, aesthetic enhancements, enhanced functionality, and product upgrades. In the next years, this is expected to be good news for the market for foldable phones worldwide.
Demand for cutting-edge smartphones is being fueled by rising consumer knowledge of the most recent developments in smartphone technology. To protect its design architecture for soon-to-be-released folding phones, various well-known corporations have begun filing patents. For instance, Apple Inc. has protected its folding smartphone technology against wear and tear over time by patenting a hinge heating technique.
Additionally, smartphone manufacturers are experimenting with technologies and features in their foldable smartphones, as shown in the Motorola Razr and Samsung Galaxy Fold, both of which have a distinctive appearance but favor front-to-front fold display technology.
Additionally, Oppo introduced two new foldable phones in April 2021 that both have an inward folding design. While Xiaomi has already announced the Mi MIX Fold, Vivo is also anticipated to unveil a folding phone with an inwards folding design.
Work-from-home culture adoption is another trend driving the demand for foldable phones. Rising viewership and people’s interest in jobs that allow for remote work have resulted in rising demand for dependable and effective technological equipment. Sales of foldable phones are predicted to increase as a result in the coming years.
Key Takeaways:
- Based on display size, the 6 Inches display segment is expected to hold 44.6% of the total foldable phone market share in 2021.
- Foldable phones with 12 GB RAM are likely to dominate the market in 2021, accounting for over 46% of the total market share.
- Under the storage segment, foldable phones with a storage space of 256 GB will hold more than half of the total foldable phone market share in 2021.
- US$500-1,500 is projected to hold the leading share in the market in 2021, accounting for nearly half of sales.
- Sales of foldable phones through online retail channels are projected to grow at a prolific 38.1% CAGR through 2031.