• Global foldable smartphone shipments decreased 1% YoY, marking the market’s first-ever Q3 decline.
• In Q3 2024, Samsung reclaimed the top spot with a 56% market share, but it saw a 21% YoY drop in shipments.
• Xiaomi, Motorola and HONOR reported the highest YoY shipment growth.

Seoul, Beijing, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – November 26, 2024

Global foldable smartphone shipments saw a 1% YoY decline in Q3 2024 after six consecutive quarters of YoY growth, according to the latest Counterpoint Research Global Foldable Smartphone Market Tracker. This was also the first-ever Q3 decline in the segment’s history, mainly due to Samsung’s relatively underwhelming performance with its new Galaxy Z6 series.

Samsung regained its position as the global market leader with a 56% share, driven by the Z6 series launch. However, the brand’s unit shipments fell 21% YoY. Among its new models, the book-type Galaxy Z Fold 6 delivered a modest performance, while the clamshell Galaxy Z Flip 6 struggled to match its predecessor’s sales. The decline in global market share was partly due to growing foldable demand and contribution from China, where Samsung has a comparatively small presence with only 8% foldables share in Q3 2024 compared to being the undisputed leader globally (ex-China) with 82% share.

Having said that, as the foldables supply chain matures, Samsung is increasingly facing strong competition from in North America from Moto with its full range of sub-$1000 Razr flip foldables, and in Western Europe from Honor with its attractive and thin Magic V series book-type foldables.

Huawei continued its YoY growth in foldable shipments, supported by the steady popularity of the Mate X5 and Pocket 2 in China. On the other hand, its newly launched budget-friendly Nova Flip and the world’s first tri-fold device, the Mate XT, were more experimental offerings and saw lower shipments than its existing models. Huawei is expected to drive further growth with the launch of the Mate X6 in Q4 2024.

HONOR and Motorola remained among the fastest-growing brands in the foldable market, both benefiting from their flagship devices launched in June and July. Notably, Xiaomi recorded the highest YoY shipment growth among foldable brands at 185%. This growth was driven by the addition of its first clamshell model, the Mix Flip, and its official debut in markets outside China. The brand’s global shipment share rose to 6% this quarter, its highest since entering the foldable market in Q1 2021.

Senior Analyst at Counterpoint Jene Park said, “The global foldable market appears to have entered a transitionary phase where it is facing challenges as it progresses from a niche segment to the mainstream. User satisfaction is particularly high with book-type foldable devices, but the prohibitively high prices remain the biggest obstacle to mass adoption. If manufacturers give serious consideration to improving price accessibility, along with achieving further technological reliability and enhancing consumer perceptions, this phase can be overcome.”

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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