Why are Phone Companies Betting on Foldables

Foldables are the peak of smartphone technology out there. However, for some reason they are not mainstream, and it looks like, before they even have a chance to become mainstream, smartphones will only go out of style. All the tech companies are eventually going to shift to smart glasses, for calls, for work, and that is ultimately the future. Even if the smart glasses are not the future, we know one thing for sure, smartphones will eventually go out of style. So what’s happening with the foldable phones globally.

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To understand, let’s take the giant in this space as an example – Samsung. Samsung is the largest player in the foldables category, while the Chinese companies are trying to catch up fast. Apple is yet to enter it, but interestingly, is reportedly working on one such device for 2027.

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Samsung’s Foldable Business to Set Context for the Global Market and Future

In 2020, the global shipments of foldable phones was 1.9 million units only (source – IDC). But this was just a drop in the ocean compared to the total estimated smartphone shipments during the year (estimated to be 1.24 billion – 1.35 billion units, as per Statista).

In 2024, this figure rose to 16-18 billion units (counterpoint research), and this marks great growth. But again, this is barely even 3% of the total smartphone maket. However, when it comes to Research and Development (R&D) that this involves, and the marketing costs associated with the device, is it worth it for an OEM (original equipment maker).