China’s foldable smartphone market has experienced remarkable expansion, as shipments surged by a staggering 173% year on year, totaling 1.26 million units in the second quarter of 2023, as outlined in a recent industry report.
Throughout the initial half of the year, the nation dispatched 2.27 million foldable phones, marking a significant 102% escalation compared to the same period in the previous year, according to findings from the global market research firm International Data Corporation (IDC).
Huawei has maintained its leading position within the domestic foldable smartphone market, boasting a substantial 43% market share in the second quarter. Vivo secured second place, claiming a 19.7% market share, while Oppo attained a market share of 15.9% and secured the third spot during the same quarter, as per data from IDC.
The IDC highlighted that since the inception of foldable phones, this niche market has sustained rapid expansion, standing out as the sole segment demonstrating consistent growth within the broader smartphone market.
Driven by advancements in hinge and screen-related technologies, coupled with a continuous decrease in product prices, consumers are increasingly embracing foldable smartphones, leading to this upward trend, the IDC concluded.