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Global foldable smartphone shipments experienced a 1% decline year-over-year (YoY) in Q3 2024, marking the first-ever Q3 drop in the segment’s history. This follows six consecutive quarters of growth, according to the latest data from Counterpoint Research’s Global Foldable Smartphone Market Tracker.
The decline in the shipment of foldable smartphones was primarily attributable to Samsung’s subpar performance, as the brand regained its dominant position with a 56% market share after ceding ground to Chinese competitors last year. However, Samsung’s unit shipment experienced a -21% year-over-year decline since the products from its most recent Galaxy Z6 series failed to meet expectations.
The Galaxy Z Fold 6 in book form performed poorly, and the Galaxy Z Flip 6 in clamshell form did not outperform its predecessor in terms of sales. Despite its global dominance, Samsung’s share of the Chinese market was a mere 8%, which resulted in a significant decline in overall shipments.
Samsung faces growing competition in various regions, including North America, where Motorola’s sub-$1000 Razr flip foldables have gained traction, and Western Europe, where HONOR’s sleek and thin Magic V series has been popular. Huawei, meanwhile, continued to see growth in foldable shipments, particularly in China, with models like the Mate X5 and Pocket 2.
HONOR and Motorola both experienced year-over-year growth, with the introduction of new flagship products in mid-2024. Xiaomi achieved the highest percentage YoY growth of all brands, with 185%, following the release of its first clamshell model, the Mix Flip, and the expansion of its global presence beyond China. Since its entry into the market in Q1 2021, its foldable segment share has attained a record high of 6%.
Moving into Q4 2024, Huawei is anticipated to introduce additional new models, including the Mate X6, which could reignite interest in Foldable technology.
