In the second quarter of 2023, the global foldable smartphone market saw remarkable growth, surging by 10% YoY to reach a total of 2.1 million units, as revealed by Counterpoint Research.
This impressive expansion starkly contrasts the global smartphone market, which experienced a 9% decline in shipments during the same period, totalling 268 million units.
A similar trend is also mirrored in the Chinese foldable smartphone market. Although the broader Chinese smartphone market experienced a 4% YoY dip in shipments, reaching 61.9 million units due to economic challenges and reduced consumer spending, the Chinese foldable smartphone market defied these odds.
It recorded an astonishing 64% year-over-year growth, reaching 1.2 million units, as shown in the Techloy chart below. As a result, China now commands a 58.6% share of the global foldable smartphone market, showcasing its dominance in this emerging segment.