In its annual report, 'Global Foldable Smartphone Market Forecast, Q3 2022', market research firm Counterpoint said that FY23 is expected to close globally at 22.7 million with a 52% annual growth.
NEW DELHI : Foldable phone shipments are likely to grow by 20-30% in 2023, following a growth of over 50% this calendar year, both globally and for the domestic market.
A senior industry executive said, "While foldable phone shipments could grow by 20-30% next year, they remain small in total, accounting for just over 2% of smartphone shipments in India priced above ₹30,000." accounting for."
In its annual report, 'Global Foldable Smartphone Market Forecast, Q3 2022', market research firm Counterpoint said that FY23 is expected to close globally at 22.7 million with a 52% annual growth. Although shipments in India have grown in line with the global pace of growth, foldable smartphones form a very small part of the overall shipments. Industry executives said around 400,000 foldable units were shipped to India in 2022.
According to Prachir Singh, senior research analyst at Counterpoint, the Indian premium smartphone market was "10-11% of the total market" as of the September quarter. Quarterly data from Counterpoint shows that 45 million smartphones were shipped in India during the period. Lion The market share of foldable phones is unlikely to change drastically in 2023. "India's average selling price for a smartphone is still $245 (around ₹20,300), while foldable phones cost much more," he said.
Tarun Pathak, director of Global Smartphone Practice at Counterpoint, said that foldable phones have gained double-digit market share in the ultra-premium segment (above $1,000) globally. "We expect this to exceed 20% in 2023," he said.
Counterpoint reports that while Samsung will continue to lead the foldable phone market next year, China-headquartered brands such as Honor, Motorola, Xiaomi, Huawei, Oppo and Vivo could contribute to increased competition and falling prices by next year. Huh.
However, despite this growth in foldable smartphone shipments, the overall smartphone market remains muted - and 2022 has been marked by many as the year of sequential shipment declines.
The September quarter, which is generally seen as the strongest shipment quarter for smartphone vendors in India, saw annual shipments decline for the "first time" this year, down 11%. For 10 weeks, falling consumer demand amid inflation concerns was behind the decline in smartphone shipments in India.
Even amid this slump, the premium market saw a rise in shipments - driven by festive season deals in devices from brands such as Apple, Samsung and OnePlus. According to Counterpoint's September quarter report dated November 4, the premium segment reached its highest ever market share in India with 12% - a quarter when Apple's iPhone 13 became the most shipped smartphone in India.
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