■ Foldable phone market to hit $29 billion in 2025, says IDC
The foldable phone market keeps expanding with more than seven million flip and fold phones sold in 2021 alone according to reports.
Foldable phone market years ago was not performing well but that seem to be in past. The demand for foldable phone is skyrocketing. As of 2021, foldable phones are just 0.5% of the phone market but Samsung is gradually shifting the attention of Apple and other competitors. Samsung seems to dominate this space.
According to a new report from telecom market intelligence firm, International Data Corporation, IDC, about 27.6 million phones will be sold in 2025 at a total estimated market value of $29 billion.
1.9 models were shipped in 2020, meaning there was over %260 increase in 2021. The number would triple by 2026 because there will be a large number of users four years from now according to IDC.
IDC attributes the high demand of foldable phones to Samsung release of Galazy Z Flip 3 in August. The tech giant is expected to drop the Z Flip 4 and Z Fold this year.
Information available to IDC, Samsung has seen about 150% increase in customers who switched from other smartphones to Samsung foldables.
There have been reports of other brands like Apple also venturing into producing foldables. Now that there is a data backing high demand for foldable phones, apple may just consider. Apples releases its new version of phones every September similar to Samsung.