(JW Insights) Sep 15 -- Foldable smartphone shipments could skyrocket to an impressive 18.3 million units by 2023, marking a 43% YoY surge but capturing only a slim 1.6% of the year's total smartphone market, and Huawei ranks second with a market share of 14%, said TrendForce in its report released on September 13.

The shipments will leap 38% to a hefty 25.2 million units, nudging the market share up to 2.2%. By 2027, shipments could soar to a whopping 70 million units, seizing around 5% of the global smartphone market.

The drive behind the foldable market's expansion is reduced costs and the expansion strategies of Chinese brands. As the cost of components plummets—especially panel and hinge expenses—the stage is set for foldable phone prices to slide below the $1,000 threshold potentially. This shift would undeniably spur consumer interest and purchase intent.

In 2023, Samsung again led the pack, with projections pointing toward a robust 12.5 million unit shipment. But its stronghold, a staggering 82% market share in 2022, slipped to 68% because of the surging tidal wave of foldables from Chinese contenders.

Huawei clinched the runner-up spot, estimated to have dispatched around 2.5 million foldables for a respectable 14% market share. Hot on their heels were OPPO and Xiaomi, with market shares of 5% and 4%, respectively. Other brands have each snagged less than 4%, according to the Trendforce report.

To date, Apple's foray into foldables has been tepid. This restraint has undoubtedly doused consumer fervor for foldable.

(Li PP)