As more foldable phones hit the market, competition in the segment is gradually catching up. IDC predicts that by 2023, global shipments of foldable smartphones (including those with flip displays) will total 21.4% more than in 2023.
This represents a more than 50% increase over the 14.2 million units shipped in 2022. Furthermore, the firm expects shipments to reach 48.1 million units in 2027, with a compound annual growth rate (CAGR) of 27.6% from 2022 to 2027. This data appears to be quite promising, and it should aid in the recovery of the declining smartphone market.
Normal smartphones, on the other hand, are expected to reach 1,322.9 million units in 2027, growing at a 2.1% CAGR from 2022 to 2027. The company also anticipates a 6.8% decrease in smartphone average selling prices (ASPs).
This optimistic forecast is due to significant improvements in foldables’ durability and build quality, as well as improvements in software and hardware across all vendors.
Regarding the forecast, Anthony Scarsella, Research Manager, Mobile Phones at IDC said,
The foldable phone market finished slightly higher than previously forecast as consumers start to embrace the new form factor. A 10% decline in ASP helped the market grow 75.5% in 2022, as foldable devices became more affordable in numerous markets.
With new vendors and models joining the race this year, we expect the foldable market to be the one bright spot in 2023 with 50.5% growth, while the total smartphone market contracts 1.1%.