TECH

Samsung loses lead in foldables market after 42% slump in sales

Global sales of foldable smartphones rose by an impressive 49% in the first quarter of 2024, but Samsung's sales fell by 42% compared to the same quarter last year, meaning the technology giant was unable to maintain its position at the top of the market.

According to the latest analysis by Counterpoint Research, a total of 49% more smartphones with foldable displays were sold from January to March 2024 than in the same period last year. The only big loser in this segment is Samsung - the Galaxy Z Fold5 and the Galaxy Z Flip5 apparently simply did not offer enough in the way of innovation to persuade customers to upgrade, meaning that sales of Samsung's foldable division slumped by 42%.

As a result, Samsung's market share has fallen to 23%, while Huawei has taken the lead by a wide margin with an impressive growth of 257% and a market share of 35%. According to Counterpoint Research, there are two main reasons for this. Firstly, the Chinese market for foldable smartphones, where Samsung does not have such a large presence, has grown particularly strongly, and secondly, Huawei was finally able to launch a folding flagship with an integrated 5G modem in the Mate X5. The Huawei Pocket 2 is also expected to be very popular.

Former Huawei subsidiary Honor is in third place with growth of 460% and a market share of 12%, which is mainly due to the fact that Honor can now sell foldable smartphones in larger quantities outside of China. Motorola even recorded sales growth of 1,473%, putting it just behind Honor with a market share of 11%. 55% of all foldables sold are vertically folded devices in the style of the Galaxy Z Fold5.

mundophone