Foldable Smartphone Market: Innovative Product Developments
Combining a tablet and a smartphone, foldable smartphones have the portability of a mobile phone integrated with a tablet’s screen size. Moreover, the convenience of a more compact foldable design has paved the way for larger displays and improved hardware and software experiences on a novel form factor. Accordingly, Inkwood Research’s analysis predicts that the global foldable smartphone market is expected to grow with a CAGR of 22.5% during the forecast years 2023 to 2032. The market growth is propelled by key factors, such as the increasing usage of the internet, the expanding OLED display production, and the growth in consumer expenditure.
Leading the Era of Foldable Smartphones | Top Tech Firms & Product Innovations
Key players operating in the global foldable smartphones market are focusing on the introduction of cutting-edge foldable smartphone designs and subsequent developments across the globe. Accordingly, let’s take a look at some of the latest product innovations by leading technology firms –
- In July 2022, the Huawei Mate Xs 2, the new flagship foldable smartphone by Huawei, was released, featuring some of the most recent advancements in foldable smartphone technology. The phone also has a 50MP True-Chroma Camera System powered by Huawei XD Optics, in addition to an industry-leading 7.8” True-Chroma Foldable Display.
- Although Samsung’s debut foldable smartphone, Samsung Galaxy Fold (2019), had minor issues, it released the Samsung Galaxy Z Fold 2 in 2020 with significant improvements. Some of the competitive features of the foldable smartphone include:
- A highly wear-resistant inner display
- An outer display covering a greater area of the front fascia
- A durable, re-engineered hinge
- On the other hand, Motorola revived its 2000s brand, Razr, in an all-screen foldable form factor in 2019. However, the Samsung Galaxy Z Flip garnered relatively more traction from fashion-conscious users globally, owing to its exclusive features.
- Microsoft, in May 2022, filed a patent for the next series of foldable smartphones, Surface Duo 3. As per the patent application, the company defines a foldable device that can be folded through 360 degrees. Furthermore, an additional light-emitting layer was supplemented between the cover glass layer as well as the rear cover in order to provide the display with a natural appearance.
Aligning with this, innovative and novel configurations for foldable devices have played a pivotal role in encouraging companies to modernize and integrate a diverse range of design choices.
Foldable Smartphone Market | Re-Configuring App Developments
Foldable smartphones are continually increasing in popularity, with the global market recording an estimated revenue share of $25.01 billion in 2022, according to Inkwood Research. Furthermore, smartphone vendors are also increasing investments in research and development activities as well as manufacturing components in order to reduce the overall cost of smartphones.
While this factor is set to boost the adoption of foldable smartphones, it also contributes to the dynamic growth of the market in emerging regions, such as the Asia-Pacific, which is expected to hold the largest share of the global foldable smartphone market by 2030. As a result, with the surge in adoption, app developers will be required to analyze the types of designs that can perform well on larger screen sizes and additional offerings, such as the functionalities associated with a multi-window lifecycle.
Similarly, foldable phones also provide app developers with the added possibility of curating detailed and immersive experiences. For example, developers can introduce multi-window applications while maintaining UI/UX elements in finger areas for enhanced usability. Hence, the modernization of smartphones and subsequent developments in terms of design, interface, and app developments are expected to provide the global foldable smartphone market with lucrative growth prospects.
Which factors contribute to the notable growth of the inward folding type segment?
Inward-folding displays provide effective protection as well as a larger display area. Moreover, inward foldable AMOLED displays are also available in both wedge and water drop designs, thus positioning inward fold as the leading and fastest-growing folding type.
What are the main distribution channels analyzed in the global foldable smartphone market?
E-commerce and retail are the main distribution channels analyzed in the global foldable smartphone market. Moreover, the e-commerce segment, under the distribution channel category, is expected to dominate the global market during the forecasted period.