Huawei has overtaken Samsung to become the leading brand in the foldable smartphone market for the first quarter of 2024. This marks the first time the Chinese tech giant has reached the top in this rapidly expanding segment, despite facing continuous US sanctions.
According to Counterpoint, a research firm, Huawei's foldable smartphone shipments increased by an impressive 257% year-on-year during the first three months of 2024.
Huawei's Surge vs. Samsung's Decline
This dramatic rise contrasts sharply with Samsung's performance. The South Korean company saw its market share plummet from 58% in Q1 2023 to just 23% in Q1 2024, even as global foldable smartphone shipments grew by 49%.
Global Foldable Smartphone Shipment in Q1, 2024
A significant factor in Huawei's success in the foldable market is its emphasis on 5G models. In the March quarter, 84% of Huawei's foldable shipments were 5G-enabled, compared to none in the same period last year.
Counterpoint attributes this success to Huawei's popular foldable models, the Mate X5 (booklet-type) and Pocket 2 (clamshell-type). Most of Huawei’s sales are from China, although its foldables are also available in regions like the Middle East.
Samsung's Slow Innovation
On the flip side, Samsung has been slow to innovate its foldable lineup, which may explain its market decline.
The Moto Razr 40 and Other Competitors
Motorola has also performed exceptionally well in this segment, experiencing growth of over 1473% compared to Q1 2023. This has made it the fourth largest foldable brand with an 11% market share. According to the research firm, its Razr 40 (aka Razr 2023) has become the top model in North America.
Honor holds a slightly higher market share at 12%, placing it in third position. The Honor Magic V2 was the most shipped foldable phone in Western Europe in Q1 2024.
In Q1 2024, "book-type" foldables accounted for 55% of global shipments, surpassing clamshell-type foldables for the first time since 2021.
Samsung is currently gearing up for the launch of the Galaxy Z Fold 6 and Flip 6. It will be interesting to see if the company can manage to recover and regain its lost position.
