Data for the second quarter of 2024 showed how the foldable smartphone market changed and which manufacturers remained in the profit.
TechInsights analysts analyzed the state of the folding smartphone market in the second quarter of 2024 and compared the results obtained with the same period in 2023. It turned out that the former market leader — Samsung lost the top spot to China's Huawei.
Huawei is now the dominant player in the foldable device market. In the second quarter of 2024, the results of the Chinese appliance manufacturer increased by 229% year-over-year. This allowed Huawei to overtake Samsung and become the market leader in the category of foldable devices. The results show that the Chinese giant is quickly recovering after the company lost ground last year due to US restrictions.
According to PhoneArena, Huawei is lucky to have Asia Pacific as the biggest growth driver for the foldable device market in the second quarter of 2024. Samsung dropped to second place with a mediocre growth rate of just 5%. The South Korean giant continues to have a strong position in North America, one of the most profitable smartphone markets.
The third quarter is unlikely to be any better as demand for Samsung's foldable devices appears to be on the wane. Figures recently provided by an insider show that not many people bought the brand's latest foldable Galaxy Z Fold6 and Flip6.
After an early start and five years of dominance, Samsung is struggling to keep up with the competition, and at this rate the company could surpassing Transsion Holdings and Honor, which are ranked fourth and seventh on the list, respectively. The pace of their growth is impressive: Transsion — 3150%, Honor — 423%.
Back on the leaderboard, Vivo became the third largest player in Q2 2024, but despite growing 83%, it lost a small share of the market. Foldable devices in the form of books are favored by most buyers, and Huawei dominates this category. Samsung scored a small victory in the form of most clamshells shipped.