The foldable phone industry is expected to reach a valuation of US$ 65 billion by 2031, according to Future Industry Insights (FMI), with a CAGR of about 25.2 percent.
The foldable phone industry is expected to reach a valuation of US$ 65 billion by 2031, according to Future Industry Insights (FMI), with a CAGR of about 25.2 percent. The ever-increasing popularity of smartphones has boosted display technology innovation, with foldable displays being the most recent component to hit the market.
The foldable phone business is predicted to grow at a high rate because to rapid technology breakthroughs, improved design, enhanced functionality, and product improvements. This is predicted to assist the global foldable phone market in the coming years.
Increasing consumer awareness regarding the latest trends in smartphone technologies is fueling demand for innovative smartphones. As a result, some well-known companies have been patenting their design architecture for soon-to-be-released folding phones. Apple Inc., for example, has patented its folding smartphone technology with a hinge heating technology to protect it from wear and tear over time.
Also, smartphone makers are experimenting with technologies and features in their foldable smartphones, which can be seen in Samsung Galaxy Fold and Motorola Razr, as these phones have a unique design but prefers front-to-front fold display technology.
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Furthermore, in April 2021, Oppo launched two new foldable phones in the market, both with an inward-folding design. Vivo is also expected to release a folding phone with an inwards folding design, while Xiaomi has already released the Mi MIX Fold.
Another trend that is propelling the foldable phone market is the implementation of work from-home culture. Rising viewership and increasing interest of individuals towards job opportunities that offer remote work has led increasing demand for reliable and efficient electronic products. This is anticipated to provide impetus to foldable phone sales in the forthcoming years.
Key Takeaways:
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Who is Winning?
Leading players in the foldable phone market are Samsung Group, Huawei Technologies Co., Ltd., Microsoft Corporation, Xiaomi Corporation, Royole Corporation, Motorola (Lenovo Limited), TCL Technology, LG Corporation, ZTE Corporation, Sony Group Corporation, AsusTek Computer Inc., Energizer among others.
Leading manufacturers of foldable phones are focusing on promotional strategies, advertisements, and new product launches to improve sales of foldable phones. Apart from this, mergers, acquisitions, and strategic collaborations will remain prominent growth strategies among key market players over the assessment period. For instance:
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About Future Market Insights, Inc. Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware
Jan 25, 2023