There have been a lot of innovations in smartphone technology in the last decade to meet consumer demands and expectations. One of these new innovations is the foldable smartphones which are set to see a huge 638% rise in sales in India in 2021, and it is also being speculated that the devices will sell a record 3 lakh units in 2022. Moreover, it is expected that the revenue for foldable smartphones will grow by 60% next year.
The Foldable Smartphone Market Future in India
The above-mentioned growth in the industry will include Samsung and some other original equipment manufacturers (OEMs), and the 60% growth will mean a total of Rs 3,200 crores. According to a report from Techarc, the above-mentioned firms are going to launch their foldable devices in 2022.
According to IANS, the founder and chief analyst of Techarc Faisal Kawoosa said in a statement that in the luxury category, which is above Rs 50,000, customers purchase with an intent of making a statement and not just as a utility. He added that the foldable smartphones have the right balance of utility and style in the luxe segment and for sure surges the ROI for the customers who choose to invest in the devices.
It is to be noted that the South Korean tech giant Samsung is the only OEM that has been offering commercial smartphones for the past three years globally. In the year 2021, the tech giant has launched Samsung Galaxy Z Fold and Galaxy Z Flip, and both the devices have witnessed success in the market; however, the foldable device form factor sells more than the flip form factor.
Talking about the foldable device, one of the prominent players in the market, Oppo, has unveiled its Find N series of foldable smartphones. Tasleem Arif, who is VP and Head of R&D at Oppo India, said that with the introduction of folding smartphones, the technology had entered an era of limitless innovations. He went on to say that the earlier focus was on display panels, but now since everyone has devices with the same features, manufacturers need to bring about a change in the style of smartphone displays.