Foldable phone market likely to grow 65 per cent in 2023

NEW DELHI:  The foldable phones market is estimated to grow more than 65 per cent year-over-year in 2023 despite macro headwinds, according to a study by CyberMedia Research (CMR). The study also indicates that price of these phones can drop by 12-15 per cent and that 2023 will witness the rise of a new breed of foldable smartphones in the price range of Rs 60,000 - Rs 75,000. CMR estimates peg these foldables to account for nearly 55,000 units, accounting for potentially 10 per cent of the overall foldable smartphone market. 

By 2026, foldables in the price range of Rs 60,000 - Rs 75,000 are expected to grow at a CAGR of 52 per cent in the country. “Foldable smartphone shipments increased by 35X by the end of CY2022 since the initial introduction of the foldable form factor in 2019. Until now, Samsung has been steering foldable market growth,” said Shipra Sinha, analyst at Industry Intelligence Group (IIG), CMR. 

As per the study, foldable smartphones continue to be a niche, yet important smartphone segment entering the mainstream. The Samsung Galaxy Z Fold and Galaxy Z Flip have continued to gain consumer acceptance, and especially, the latest, fourth-generation models. With increasing technology and market maturity, the foldable market is potentially poised for massification. 

According to Menka Kumari, Analyst- Industry Intelligence Group (IIG), CyberMedia Research (CMR), “With growing adoption of foldable smartphones, and increasing competition amongst OEMs, the average selling price (ASP) for foldable phones is anticipated to drop further by 12-15 per cent in 2023. CMR estimates posit the Rs 60,000 - Rs 75,000 price bracket to be the sweet spot for OEMs”.