In the first quarter of 2024, the smartphone industry witnessed a significant shift as Huawei usurped Samsung to become the leading manufacturer of foldable smartphones globally. This change marks a pivotal moment in the foldable market, highlighting the intense competition and rapid innovation within this sector.
Shift in Market Dynamics
Huawei’s rise to the top of the foldable smartphone market in Q1 2024 was driven by strong sales of its Mate X5 and Pocket 2 models, which have been highly popular among consumers. The company managed to capture 44.1% of the market share in China, outperforming other competitors significantly. This surge in Huawei’s market presence was accompanied by an overall growth of 83% in the foldable market during this period, with shipments reaching 1.86 million units.
Factors Behind Huawei’s Success
Several factors contributed to Huawei’s success in overtaking Samsung. The Chinese market, with its strong preference for booklet-type foldables, played a crucial role. Huawei’s ability to resonate with local consumer preferences and its innovations in foldable technology were key to its ascension. Notably, the Mate X5 became a consumer favorite, thanks to its advanced features and user-centric design.
Global Market Trends
Globally, the foldable smartphone market continues to expand, with a 64% increase in year-on-year growth. This growth is largely fueled by the robust performance of foldable devices in the Chinese market, which remains the epicenter of this emerging technology trend.
The Competitive Landscape
While Huawei now leads in foldables, Samsung continues to be a dominant player in the market. Despite a setback in early 2024, Samsung is expected to make a strong comeback later in the year with new launches, including the highly anticipated Galaxy Z Fold 6 Ultra.
The rise of Huawei as the top foldable smartphone manufacturer in early 2024 underscores the dynamic and rapidly evolving nature of the global smartphone market. As competition intensifies, the focus on innovation and understanding local consumer preferences will be crucial for manufacturers aiming to lead in this lucrative segment
