The market for Foldable smartphones is witnessing remarkable growth, with an increasing number of brands venturing into this innovative territory. Samsung, a prominent player in the smartphone industry, is no exception to this trend. Recent reports from The Elec indicate that the South Korean tech giant has set its sights on selling a whopping 20 million foldable smartphones with flexible screens in the year 2024.
This ambitious target represents a significant increase compared to the expectations for the current year, where sales of foldable phones, including models from the Galaxy Z Fold and Z Flip series, are estimated to reach around 15 million units.
Challenges in Achieving Ambitious Targets
Samsung’s aspiration to sell 20 million foldable phones in 2024 is nothing short of ambitious. This figure nearly matches the total foldable smartphone sales for all brands expected in 2023. The increased competition in the Foldable Smartphone Market further intensifies the challenge.
Once upon a time, Samsung held a near monopoly in the foldable smartphone market. However, those days are long gone, with formidable competitors emerging worldwide. For instance, in Brazil, Samsung faces competition from Motorola’s Razr 40 and 40 Ultra, which serve as rivals to the Galaxy Z Flip 5. In North America, the competition is set to become even more intense with the introduction of models like the OnePlus Open and the Pixel Fold, both of which vie with the Galaxy Z Fold 5.
In China and various other Asian countries, the array of foldable smartphone options is even more extensive. Local brands like Xiaomi, Huawei, and Honor have released foldable devices like the Xiaomi Mix Fold 3, Huawei Mate X3, and Honor Magic V2, which are increasingly appealing alternatives.
In some cases, the specifications of these competitors may even outshine Samsung’s offerings. For instance, the Honor Magic V2 boasts a slimmer and lighter design compared to the Z Fold 5, while retaining a larger battery capacity and faster charging capabilities.
Also Read: Samsung’s Foldable Smartphones Set to Outsell the Iconic Galaxy Series
Potential Impact of More Affordable Models
The foldable smartphone market is poised to heat up further in the coming year with the anticipated arrival of more budget-friendly models, such as the Galaxy Z FE and the Huawei P Pocket. These lower-priced options have the potential to significantly boost sales, as pricing remains a major obstacle for many consumers seeking to adopt this cutting-edge technology.
Despite the high expectations for the next year, Samsung’s sales for the current year appear to fall short of projections. It is estimated that the company will have sold approximately 10 million units. To achieve its ambitious 20 million unit target for 2024, Samsung will need to double its current sales figures.
As the market for foldable smartphones continues to evolve, it is clear that Samsung faces both increased competition and high consumer expectations. The success of its 2024 sales target will depend on factors such as innovation, pricing, and the ability to stand out in a crowded and competitive field. Samsung’s journey to achieve its lofty goals will undoubtedly be closely watched by tech enthusiasts and industry experts alike.
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