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The market for foldable smartphones is booming right now, according to DSCC, with shipments of foldable panels reaching a record in 2Q24. 9.8 million panels were shipped, an astounding 151% QoQ and 126% YoY increase.
The primary cause of this growth boom was Samsung's early release of their most recent foldables, the Galaxy Z Flip 6 and Z Fold 6. Samsung seized a large portion of the market by launching early and dominated 2Q24 with a 48% share in foldable panel procurement. This was a significant change from 1Q24 when Huawei led with a 53% share against Samsung's 21%.
With a 32% share, Samsung's Galaxy Z Flip 6 led the pack in foldable panel procurement, followed by the Z Fold 6 at 15%. Huawei's Mate X5 and Pocket 2 both achieved double-digit shares and had excellent performances.
With a 4% share, Honor's Magic V Flip came in directly behind them. Sixty-three per cent of shipments were clamshell designs, an increase from the previous quarter's 53 per cent.
After losing to BOE by 27% to Samsung Display with a 53% share, Samsung Display regained its position as the leading provider of foldable panels. Compared to 1Q24, when BOE led with a 48% share, this was a significant change.
While 3Q24 is anticipated to see continued progress, shipments are forecast to decline by 21% YoY and 30% QoQ to 6.9 million units. Nevertheless, it is anticipated that Huawei's market share would decline to 16% while Samsung's will somewhat increase to 49%. The shift in Samsung's release schedule is upending the current patterns, as Samsung is predicted to hold a 39% market share in 2024 compared to Huawei's 36%.
In the future, DSCC anticipates that Xiaomi, Huawei, and Honour will continue to compete for the top slots, with Samsung's Galaxy Z Flip 6 remaining at the top.
With Huawei increasing panel procurement for its next multi-fold handset, the popularity of the clamshell form factor may decline slightly as in-folding and multi-fold designs begin to gain traction. Because of its clients' seasonal demands, BOE is anticipated to regain the lead by the end of the year in 4Q24.
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