As per the latest report from IDC, the Chinese foldable mobile phone market experienced a remarkable growth of 114.5% year-over-year in 2023. This surge resulted in a total of 7.007 million shipments, surpassing the figures seen in the Indian tablet market.
Market Growth and Contributors
In the fourth quarter alone, the shipments reached 2.771 million units, showcasing a significant upward trend. Key players such as Huawei, Oppo, and Honor played a pivotal role in driving this growth, introducing new and innovative products to the market.
Evolution of Foldable Phones
Over the past four years, the Chinese foldable mobile phone market has witnessed steady growth, exceeding 100% year-over-year since the debut of the first device in 2019. With the category now reaching a level of maturity, it is poised for even greater performance in the years ahead.
Shift in Pricing Trends
Notably, there has been a shift in pricing dynamics within the foldable market segment. The share of devices priced above $1000 decreased to 66.5% from 81%, primarily due to the emergence of more affordable options in the $400-$600 price range.
Consumer Preferences and Brand Performance
Despite the availability of cheaper alternatives, Chinese consumers have shown a preference for book-style horizontal foldables over the clamshell vertical foldables. This trend is particularly prominent among affluent business professionals who prioritize features over price.
In terms of market dominance, Huawei leads the pack with a commanding 37.4% share. The Huawei Mate X5 continues to enjoy high demand, outstripping its supply since its initial launch. Surprisingly, global leader Samsung secured fourth place with an 11% share, while Oppo (18.3%), Honor (17.7%), and Vivo (9.7%) claimed the second, third, and fifth positions, respectively.
Popular Models and Market Rankings
Among the popular models, the Oppo Find N3 Flip emerged as the preferred choice for many consumers. Xiaomi secured the sixth position with a 4.6% market share, followed by Lenovo at seventh place with a modest 1.4% share.
In conclusion, the Chinese foldable mobile phone market is experiencing rapid growth and evolving consumer preferences, with key players vying for dominance and innovation in this dynamic segment.
