According to Inkwood Research, the Global Foldable Smartphone Market is estimated to rise with a CAGR of 22.5% in terms of revenue across the forecast period of 2023-2032.
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A foldable phone combines a smartphone as well as a tablet. In this regard, the device has the portability of a smartphone with a tablet’s screen size. Foldable smartphones can be unfolded to reveal a larger tablet-like display, providing users with accessibility to a bigger display.
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Smartphone Modernization to Augment Global Market Growth
Smartphones are becoming increasingly popular, predominantly given the innovations in the mobile phone industry. For instance, leading smartphone manufacturer, Samsung invested $11 billion into developing new technologies in order to facilitate technological advancements. The operating system of a smartphone also offers cutting-edge computing capabilities as well as connectivity.
Aligning with this, for instance, the majority of smartphones feature a relatively larger touchscreen with high-resolution cameras, in addition to a wide range of applications and features. Smartphone manufacturers are also augmenting their product portfolios by integrating up-to-date technologies to keep up with the rising trend of successful upgrades in the industry. As a result, the modernization of smartphones is anticipated to play a significant role in the overall growth of the global foldable smartphone market during the forecasted period.
Inward Folding: Major & Leading Folding Type by 2032
Technology has enabled display manufacturers to safely raise the flexibility built into a screen. Moreover, the screens are also durable, with the potential to bend multiple times without breaking. The surging demand for inward-folding displays during the forecasting period is primarily driven by the fact that inward-folding displays provide both a larger display area as well as effective protection. Furthermore, inward foldable AMOLED displays are also available in wedge and water drop designs. Hence, these factors are set to contribute to the significant growth of the inward folding segment, under the folding type category, during the estimated years.
Asia-Pacific to be the Dominating Region over the Forecast Period
Asia-Pacific is expected to hold the largest share of the global foldable smartphone market. A key factor driving the market growth of the region entails the surging number of internet users in Asian countries, subsequently leading to the rise in mobile data traffic. Moreover, while smartphones are an integral component of daily life, consumers also utilize these devices to attend meetings, play games, shop online, and read, in addition to the primary purpose of communication.
These aspects have also resulted in smartphone vendors increasing their investments in research and development as well as manufacturing components in order to reduce the overall cost of smartphones. Therefore, the aforementioned factors are expected to propel the foldable smartphone market growth in the Asia-Pacific.
Some of the top companies operating in the global market are Apple Inc, Motorola Mobility LLC, Huawei Technologies Co Ltd, Microsoft Corp, etc.
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