The foldable smartphone market is poised for a significant rebound, with market research firm Omdia forecasting a 44% increase in foldable display shipments this year. This comes after a 12% decline in the previous year, signaling renewed momentum for the once-nascent category. According to the forecast, 29 million foldable displays will be shipped in 2024, a substantial jump that underscores growing consumer interest and expanding manufacturer commitment.
It’s important to note that Omdia’s forecast specifically refers to the inner displays of foldable devices, not the completed phones themselves. There may be a lag between when display components are shipped and when final products reach consumers, so the 29 million figure doesn’t translate directly to foldable phone shipments. Nevertheless, the upward trend is clear: the foldable segment is gaining traction, and the industry is betting big on its future.
What’s Driving the Surge in Foldable Display Shipments?
Several factors contribute to the optimistic outlook. First, the foldable market is maturing. Early adopters have moved past the novelty phase, and manufacturers have refined their designs, addressing durability concerns and improving the overall user experience. Second, the introduction of new form factors—particularly wider foldables—is attracting a broader audience. These devices offer a more tablet-like experience when unfolded, making them more appealing for productivity and media consumption.
Third, competition is intensifying. More brands are entering the foldable arena, driving innovation and lowering prices. While foldables remain premium products, the increasing variety of options is making them more accessible to a wider range of consumers. Finally, supply chain improvements and economies of scale are helping to reduce production costs, further fueling adoption.
The Rise of Wide Foldables
One of the most notable trends in the foldable space is the shift toward wider aspect ratios. Early foldables often featured narrow outer screens and inner displays that were more square than rectangular, which limited their usability for certain tasks. The new wave of wide foldables addresses this by offering a more conventional smartphone experience on the outside and a spacious, tablet-like canvas on the inside.
This design philosophy is gaining favor among consumers who want a device that can serve as both a phone and a tablet without compromising on either front. Wider foldables are particularly well-suited for multitasking, video playback, and reading, making them a compelling choice for power users. As a result, display manufacturers are ramping up production of these larger panels, contributing to the overall shipment growth.
Key Players and Their Strategies
Samsung remains the dominant player in the foldable market, with its Galaxy Z Fold and Z Flip series leading the charge. The company has consistently pushed the envelope with new designs and features, and its latest models are expected to drive significant volume. Other brands, including Huawei, Oppo, Vivo, and Honor, are also making strides, particularly in the Chinese market. These companies are experimenting with different form factors, such as clamshell and book-style foldables, to capture different segments of the market.
Google’s entry into the foldable space with the Pixel Fold has also added legitimacy to the category, signaling that foldables are here to stay. As more players join the fray, the competition is expected to drive further innovation and bring down prices, making foldables more appealing to mainstream consumers.
Challenges and Opportunities Ahead
Despite the optimistic forecast, challenges remain. Foldables are still expensive to produce, and the technology is not yet fully mature. Durability concerns, particularly around the hinge and the flexible display, continue to be a barrier for some consumers. Additionally, the software experience on foldables is still evolving, with many apps not fully optimized for the larger screens.
However, these challenges also present opportunities. Manufacturers are investing heavily in research and development to improve durability and reduce costs. Software developers are gradually adapting their apps to take advantage of foldable form factors. And as the market grows, economies of scale will help bring prices down, making foldables more accessible.
Regional Dynamics
The foldable market is not uniform across the globe. China is currently the largest market for foldables, driven by strong demand from tech-savvy consumers and aggressive marketing from local brands. South Korea, home to Samsung, is another key market. In contrast, adoption in Western markets has been slower, partly due to higher prices and limited carrier support. However, as prices come down and more models become available, Western markets are expected to catch up.
Omdia’s forecast suggests that the global foldable display market will continue to grow in the coming years, with wide foldables playing a central role. As manufacturers refine their designs and consumers become more familiar with the benefits of foldable devices, the category is poised for sustained expansion.
What This Means for the Broader Smartphone Market
The growth of the foldable segment is a bright spot in an otherwise stagnant smartphone market. Global smartphone shipments have been declining in recent years, and manufacturers are looking for new ways to stimulate demand. Foldables offer a premium, differentiated experience that can command higher prices, making them an attractive option for brands looking to boost their average selling prices.
Moreover, foldables are driving innovation in display technology, which could have spillover effects for other devices, such as tablets and laptops. Flexible displays are already being used in some laptops, and the technology is expected to become more prevalent as it matures. The investments being made in foldable displays are likely to accelerate the development of other flexible form factors, opening up new possibilities for device design.
Looking Ahead
As we look to the rest of the year and beyond, the foldable market is expected to continue its upward trajectory. Omdia’s forecast of 29 million foldable display shipments this year is a strong indicator of the category’s potential. With wide foldables leading the charge and more brands entering the market, the future looks bright for foldable devices.
For consumers, this means more choices, better designs, and eventually, lower prices. For manufacturers, it means a growing market with ample opportunities for differentiation. And for the industry as a whole, it signals a new era of innovation in smartphone design.
In conclusion, the 44% increase in foldable display shipments is a testament to the resilience and potential of the foldable market. Despite last year’s decline, the category is bouncing back stronger than ever, driven by wider foldables and a growing ecosystem of devices and services. As the technology continues to evolve and prices come down, foldables are poised to become a mainstream choice for consumers worldwide.
