By Li Panpan

(JW Insights) Jun 6 -- Sales of foldable smartphones in China are defying a downward trend in the global market and could more than double in 2023 from last year, the chief analyst at market research firm Sigmaintell Consulting Chen Jun said recently.

China’s sales of foldable phones may reach six million units this year, accounting for 2% of the country’s smartphone market, according to a Yicai Global report.

Sales of foldable handsets in China surged 52.8% in the first quarter to one million devices, according to data from market intelligence company IDC. At the same time, overall smartphone sales slumped 11.8% to 65.4 million units in the country.

IDC expects worldwide shipments of foldable phones, including flip and folding form factors, to reach 21.4 million units in 2023. This represents an increase of more than 50% over the 14.2 million units shipped in 2022 in a report in March.

Zhou Hua, chief analyst at Chinese flat panel research firm CINNO Research, said although global smartphone sales have been sliding since the beginning of the year, sales of foldable phones have been climbing due to their unique features.

Folding phones are likely to trend at this year’s 618 shopping bonanza, which is held each summer on the anniversary of the establishment of e-retailer JD.com on June 18, Zhou said.

Already foldable handsets have been selling like hotcakes in promotional events that kicked off at the beginning of June. Beijing-based JD.com’s folding phone sales more than tripled from 8 p.m. China time on May 31 to midnight June 1 year on year. And sales on Suning.com jumped two-and-a-half fold.

But amid the current economic environment and surging costs, cell phone manufacturers are unlikely to reduce the price of folding phones. Therefore the focus of market competition will still be on the usual type of mobile phone, Chen said.

Oppo is the country’s best-selling foldable handset maker with a 35% market share, followed by Huawei with 24.9% and South Korea’s Samsung with 18.4%, according to IDC, said the Yicai report.

(Chen HX)