Seoul [South Korea](ANI/Global Economic): Samsung Electronics is predicted to gain overwhelming advantage in the foldable phone market, which is expected to grow rapidly. It is a result that Samsung has continued to release foldable phones, lead-related technologies and pre-occupy the market shares.
According to the market research firm Counterpoint Research, shipments of foldable phones are expected to reach nine million units this year, three times more than last year.
Samsung Electronics is expected to secure 88 per cent of market share by selling about eight million foldable phones in this rapidly growing foldable phone market. Excepting the demand for foldable phones in China, it will actually dominate the global foldable phone industry market.
The foldable phone market is expected to continue to grow and reach 10 times larger by 2023. Although Chinese smartphone manufacturers such as Xiaomi have tried to enter the foldable phone market, Samsung Electronics is expected to sell about 23 million foldable phones in 2023 and secure 75 per cent of the market share.
The foldable phones are high value-added products that can generate high profits, so it is expected to contribute to Samsung Electronics’ IM division’s expansion of sales and operating profit and catching up with Apple.
However, as Apple is expected to enter the foldable phone market after 2023, competition between Samsung Electronics and Apple over the leadership of the industry will be intensified. Counterpoint Research predicted that the foldable phone market will grow rapidly and the number and size of overall supply chains will also be expanded due to the competition between the two companies.
Samsung Electronics’ new foldable phone, which will be unveiled at the Galaxy Unpacked 2021 on the 11th, is expected to have more improved functions and user experiences. (ANI/Global Economic)