Global foldable smartphone shipments saw a slight decline in Q3 2024, marking the first-ever drop in shipments for this segment after six consecutive quarters of growth. According to Counterpoint Research's Global Foldable Smartphone Market Tracker, shipments fell by 1% year-over-year (YoY) in Q3 2024, with Samsung’s recent Galaxy Z6 series launch failing to prevent the market slowdown.

Samsung retained its position as the global leader, commanding a 56% market share. However, it experienced a 21% YoY decline in foldable shipments. The Galaxy Z Fold 6, a book-style foldable, and the Z Flip 6, a clamshell model, did not perform as well as their predecessors, with the Z Flip 6 in particular struggling to match the success of its prior version. A significant challenge for Samsung has been its comparatively low presence in China, where it only holds 8% of the foldable smartphone market share in Q3 2024. This stands in stark contrast to its dominant position outside of China, where it leads with an 82% market share.

As the foldable smartphone market matures, Samsung faces increasing competition from several key players, notably Motorola and HONOR. In North America, Motorola’s budget-friendly Razr flip foldables have gained traction, while HONOR’s Magic V series has been making waves in Western Europe with its sleek design and competitive pricing. These brands are starting to capture the attention of consumers looking for foldable devices at more accessible price points.

Xiaomi also recorded remarkable growth, with its foldable shipments jumping by 185% YoY. This was primarily driven by the launch of the Mix Flip, Xiaomi’s first clamshell foldable, and the company's expanding presence in global markets outside of China. Xiaomi's share of the global foldable market reached 6% in Q3 2024, marking its highest performance since entering the foldable space in early 2021.

Huawei, while primarily focused on the Chinese market, continued to see growth in foldable shipments, largely due to the popularity of its Mate X5 and Pocket 2 devices. However, the company’s new models, such as the budget-friendly Nova Flip and the world’s first tri-fold device, the Mate XT, did not achieve significant success. Despite these experimental offerings, Huawei remains focused on expanding its foldable portfolio, with the Mate X6 set to launch in Q4 2024, which could further boost its performance.

Despite the ongoing growth from companies like Xiaomi and HONOR, experts believe the foldable market is in a transitional phase. Consumer satisfaction with foldable devices, particularly book-type models, is high, but the prohibitive cost of these smartphones remains a major barrier to mass adoption. For foldable smartphones to become more mainstream, manufacturers need to improve the affordability of their devices, enhance their technological reliability, and better address consumer perceptions about value.

The challenges faced by Samsung, combined with the rapid growth of Xiaomi and HONOR, indicate a market that is evolving. As foldable technology matures and more brands join the competition, the foldable smartphone market is expected to experience further shifts in the coming quarters. However, overcoming the pricing hurdle will remain crucial for achieving widespread adoption.