Samsung is still the world’s largest manufacturer of foldable phones, but competition is growing quickly

For several years, the South Korean conglomerate Samsung has been leading the foldable smartphone market. Reportedly, the company held its first position even in the third quarter of the current fiscal year. DSCC’s report claims that given the launch of the Galaxy Z Flip 5 and the Galaxy Z Fold 5, the July-September period was a bumper quarter for the foldable smartphone market. However, the company’s sales are expected to be impacted by competitors in the last quarter of 2023.

Samsung’s foldable smartphone market share could drop in Q4 2023

In Q3 2023, Samsung held a 72% market share, which is forecast to decline to 42% in Q4 2023. In the third quarter, around 7 million foldable smartphones were shipped. It is a 215% increase from Q2 2023 and a 16% increase from Q3 2022. Huawei and Honor grabbed the second and third marks with 9% and 8% market share, respectively.

With a market share of 45%, the Galaxy Z Flip 5 was the best-selling foldable smartphone in the third quarter of the current year. On the other hand, the Galaxy Z Fold 5 had a 24% market share. From the best-selling foldable smartphone perspective, the Huawei Mate X3 and the Honor Magic V2 held the third and fourth spots with a 6% market share, respectively.

It is anticipated that sales of Samsung’s foldable smartphones will drop to just 42%, a significant decrease from the 82% of sales recorded last year. It is anticipated that 15.8 million foldable smartphones will be sold in 2023—a 23% increase over 2022—over the course of the year. The market share of Huawei and Honor is expected to grow to 21% and 19% by Q4 this year. It is anticipated that the market share of the Galaxy Z Flip 5 and the Galaxy Z Fold 5 will drop to 22% and 12% in the last quarter of the current fiscal year. On the other hand, the Huawei Mate X5 is expected to grab 15% of the market share. Similarly, the Honor Magic V2 could be the third-best-selling foldable phone in Q4 2023.

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