The global foldable smartphone shipments increased 64% year-over-year (YoY) in the first quarter of 2023 (Q1 2023) to reach 2.5 million units, according to a report. The numbers are quite significant because the foldable market rose despite a 14.2% YoY decline in the overall global smartphone market during the same period.
According to the counterpoint research foldable tracker and foldable insight report, foldable smartphone markets in almost all major regions displayed a strong growth in Q1 2023.
What drove the global foldable smartphone market?
The report attributes the robust growth in the global foldable market due to growth in the Chinese foldable market. Although the Chinese overall smartphone market declined by about 8% YoY in Q1 2023, the foldable market grew, surging 117% YoY to 1.08 million units.

As per research analyst Woojin Son, foldable products such as the OPPO N2 and Oppo N2 Flip smartphones’ grand releases constantly pique the market’s interest.
“Consequently, Chinese consumers have become more familiar with foldable products compared to other regions,” said Son.
Both Samsung and Oppo registered a strong Q1 2023 performance in the Chinese foldable market. Huawei and Oppo led the market with 27% market share each, closely followed by Samsung with 26% share.
While Oppo rode the success of the N2 Flip and N2 smartphones, Samsung captured the market by release of W23 and W23 Flip – which are variants of the Galaxy Z Fold 4 and Galaxy Z Flip 4, respectively.

What’s next?
Senior analyst Jene Park that in 2023, there will be an intensified product and price competition among OEMs in the global foldable market due to more aggressiveness. According to Park, the year will also see increasing sales volume of clamshell-type foldable smartphones through various product launches.
Will Apple enter into foldable smartphone fray?
According to Park, Apple is still absent from short-term forecasts.
“However, since overall consumer response to foldable phones is improving and Apple will be possibly releasing non-phone foldable products soon, the brand’s participation in the foldable smartphone market is likely to occur after 2025,” he noted.