Huawei has taken the lead in China’s foldable phone sector during the third quarter of 2024, as stated in a fresh report by market analysis company IDC. This achievement follows Huawei’s impressive introduction of the Mate XT (review), recognized as the world’s first tri-fold smartphone.
Market Performance
Huawei secured a significant 41.0% share of the market, a feat that can be attributed to the recent unveiling of its groundbreaking Mate XT tri-fold device. This smartphone, featuring three foldable screens arranged in a Z-shaped style, represents a new milestone for the brand in the foldable phone industry. IDC notes that "the launch of the world’s first tri-foldable phone is expected to further drive the foldable market development."
Competitors in the Foldable Space
In second place is Honor, Huawei's former subsidiary, which managed to earn a commendable 21.9% of the market. Honor has established itself as a fierce contender in both horizontal and clamshell foldable categories, ranking second in horizontal devices and third for clamshells.
Xiaomi also made an impressive return, breaking into the top three foldable phone manufacturers in China for the first time since Q2 2021. Their success is likely due to the positive reception of the updated Mix Fold model, which helped them capture a 17.2% market share.
The Landscape Ahead
Samsung, a dominant name in the global smartphone market, has a smaller footprint in the Chinese foldable scene, holding only 7.7% of the market. Vivo completes the top five, ranking third in the horizontal foldable segment. Other brands like Oppo, Lenovo, and ZTE occupy the remaining spots, but their market shares are relatively minimal.
The overall scenario indicates that China's foldable phone market shipped approximately 2.23 million units in Q3 2024, reflecting growth compared to earlier periods. However, the report also highlights a substantial slowdown in the year-on-year growth rate when compared to the past eight quarters.
This deceleration suggests that the market might be nearing saturation for the existing foldable designs. IDC emphasizes that continuous innovation and reduced prices will be crucial for maintaining growth. To stay relevant against conventional smartphones, foldable devices must provide an attractive user experience along with a competitive price.
