In a surprising turn of events, Huawei has claimed the top spot in the global foldable smartphone market for the first quarter of 2024, surpassing long-time leader Samsung. This shift in the market landscape is attributed to Huawei’s strategic focus on 5G technology and a diverse range of foldable offerings.
According to the latest Counterpoint Research Foldable Smartphone Shipment Tracker, Huawei’s shipments soared by a staggering 257% year-on-year in Q1 2024, propelling the company to the forefront of the rapidly growing foldable smartphone sector. This growth is primarily credited to the company’s swift transition to 5G-enabled foldable devices. A year ago, Huawei’s foldable portfolio consisted solely of LTE devices, but its recent 5G models have clearly resonated with consumers.
The global foldable smartphone market experienced a 49% year-on-year growth in Q1 2024, marking its highest growth rate in six quarters. This surge was primarily fueled by notable shipment increases from several Chinese original equipment manufacturers (OEMs). Huawei’s ascent to the top spot is particularly noteworthy, as Samsung had consistently dominated the market in previous quarters.
Key Factors Contributing to Huawei’s Success
- 5G Adoption: Huawei’s early embrace of 5G technology in its foldable devices has given it a significant competitive advantage. Consumers are increasingly seeking 5G-enabled devices for faster download and upload speeds, lower latency, and improved overall network performance.
- Diverse Product Portfolio: Huawei offers a wide range of foldable smartphones, catering to various consumer preferences and budgets. This diverse portfolio includes both book-type and clamshell-type foldables, ensuring that there is a Huawei device to suit different user needs.
- Strong Domestic Market: Huawei’s strong presence in its home market of China has also contributed to its global success. The Chinese market has shown a strong appetite for foldable devices, and Huawei has been able to capitalize on this demand.
Challenges and Future Outlook
While Huawei’s recent success is undeniable, the company faces several challenges in maintaining its leading position. Samsung remains a formidable competitor, and other Chinese OEMs, such as HONOR and Motorola, are also rapidly expanding their foldable smartphone offerings. Additionally, the ongoing global chip shortage could potentially impact Huawei’s production capacity.
Despite these challenges, the future of foldable smartphones appears bright. As technology continues to advance, foldable devices are expected to become more affordable and accessible to a wider audience. With its current momentum and strategic focus on 5G, Huawei is well-positioned to maintain a strong presence in this evolving market.
