Huawei Mate X5/Huawei

It is forecasted that Huawei, China’s leading global provider of ICT infrastructure and smart devices will overtake Samsung Electronics, in Q1 2024, topping the quarter’s foldable market share for the first time, according to a report from Display Supply Chain Consultants (DSCC) on Mar. 14. The foldable smartphone market continues to grow. In Q4 2023, the shipments totaled 4.2 million units, up 33% year-on-year. This is the fourth-highest level ever recorded.

Samsung launched the world’s first foldable phone in 2019 and has been leading the market. The company remained the market leader in Q4 2023, even though the Galaxy Z Flip5 and Z Fold5 sales were below expectations.

A total of 23 foldable phones were released globally in Q4 2023. The South Korean tech giant accounted for four of the top 10 best-selling models, followed by HONOR and OPPO, Chinese smartphone providers with two each, and Huawei and Xiaomi with one each. Samsung Galaxy Z Flip5 sold the most units, followed by Huawei Mate X4, HONOR Magic Vs2, Samsung Galaxy Z Fold5, and OPPO Find N3 Flip.

The market is, however, to see some changes in the sales rankings, as Chinese companies, led by Huawei, are growing rapidly. “Huawei, which has increased its share from Q4 2023, is expected to overtake Samsung in the foldable phone market share with the success of Mate X5 and Pocket 2 and the lack of new products from Samsung,” DSCC said. The research company predicted that Huawei’s growth will lead the foldable phone market to grow 105% year-on-year in Q1 2024.

There is a consensus that Huawei’s momentum will slow down when Samsung launches new products. Samsung will bring out new products, the Galaxy Z Flip6 and Galaxy Z Fold6 in the second half of the year, hoping to achieve market share again for the top position. With Samsung’s new launches and the growth of Chinese companies, the foldable phone race is expected to heat up this year. “New- structured clamshells by Samsung, Huawei, HONOR, Motorola, and others seem to come into the market this year,” DSCC analyzed.