The foldable phone market may be facing some challenges, but Huawei is not slowing down its progress. A recent report from Counterpoint Research shows that the Chinese tech leader experienced a 23% increase in global foldable phone shipments year-over-year (YoY) during the third quarter of 2024. This growth occurred even as the overall market saw a decline of 1% compared to the same timeframe last year.
Introduction of New Models
This news comes right after the release of Huawei's flagship Mate 70 series and Mate X6 foldable device. Currently, Huawei has secured 15% of the global foldable market share, which is a 2% rise from the previous year. The research firm credits this growth mainly to the continued popularity of the Mate X5 and Pocket 2 in China. These models have significantly boosted Huawei's foldable sales.
Targeting Different Segments
Additionally, Huawei has rolled out some experimental foldable models in the Chinese market. The Nova Flip, for instance, is aimed at budget-conscious consumers looking for an affordable foldable phone. Moreover, Huawei stands out as the only brand to introduce a tri-fold phone for mass production. However, Counterpoint mentions that these experimental devices have not shipped as many units as their more established counterparts.
Samsung still holds the top spot in the global foldable market, even with a 21% decrease in shipments during Q3. Meanwhile, Huawei, with its impressive 23% growth, comfortably claims the second position, followed closely by Honor, which has seen a remarkable 121% YoY increase in sales. Motorola also made waves, witnessing a significant rise of 164% YoY.
Competing Brands
Among all competitors, Xiaomi recorded the highest YoY shipment growth at 185%, thanks to the worldwide launch of its first foldable device, the Mix Flip. Despite a slight setback in the global foldable phone market during Q3, Huawei's strategic initiatives and innovative products position it well for ongoing success in this expanding sector. As the year unfolds, it will be fascinating to observe how the newly released Mate X6 performs in the market.
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