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Foldable smartphone market to reach $174 bn by 2031

Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global foldable smartphone industry generated $17.6 billion in 2021, and is estimated to reach $174.0 billion by 2031, witnessing a CAGR of 26.0% from 2022 to 2031, according to Allied Market Research.

Covid-19 Scenario

  • The outbreak of COVID-19 negatively impacted the foldable smartphone market in 2020, as production and sales of companies reduced and operations halted. The implementation of stringent rules and the practice of maintaining social distancing across the globe impacted the domestic and international production negatively, thereby hampering the overall market growth.
  • There was a shortage of mobile chipsets in the market due to halt in production. Several manufacturing companies such as Samsung, Xiaomi, OPPO, and LG Display suspended their manufacturing operations in China, India, South Korea, and European countries.
  • The market is now recovering with the pandemic situation coming back to normal.

The flip segment to rule the roost during the forecast period
Based on display panel type, the flip pulp segment was the largest market in 2021, contributing to nearly three-fourths of the global foldable smartphone market share, and is expected to maintain its leadership status during the forecast period. This is due to the low cost of flip foldable smartphones as compared to foldable smartphones, making it more affordable. On the other hand, the fold segment is projected to witness the fastest CAGR of 28.4% from 2022 to 2031, owing to the increasing demand for modern consumer electronics along with the high adoption of mobile devices in the entertainment and gaming sector.

The online segment to maintain its dominance during the forecast period
Based on sales channel, the online segment held the largest market share of more than half of the global foldable smartphone market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the largest CAGR of 27.0% from 2022 to 2031. The growth of the segment is owed to its advantage of saving more time as compared to the offline medium.

CT Bureau

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