PUBLISHER: Grand View Research | PRODUCT CODE: 1575117
PUBLISHER: Grand View Research | PRODUCT CODE: 1575117
The global foldable smartphone market size is estimated to reach USD 74.02 billion in 2030, growing at a CAGR of 13.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. There is a rising consumer appetite for innovative devices that offer unique features and functionalities. Foldable smartphones combine the compactness of traditional smartphones with the larger display area of tablets, appealing to users who desire versatility in their devices. This trend is particularly attractive to millennials and tech-savvy consumers who seek both style and functionality in their gadgets.
Technological advancements also play a crucial role in the growth of the foldable smartphone market. Improvements in flexible display technology have enabled manufacturers to create durable and high-quality foldable screens. As these technologies become more refined, they contribute to better user experiences, making foldable smartphones more appealing.
Additionally, the integration of features such as 5G connectivity enhances the usability of foldable devices, allowing for faster internet speeds and improved performance. Another significant factor driving demand is the increasing prevalence of phablets, which are larger smartphones that provide enhanced content consumption experiences. The popularity of social media and streaming services has led consumers to prefer devices with larger screens for multitasking and media viewing. Foldable smartphones cater to this demand by offering expansive displays that can be easily folded for portability.
Moreover, the competitive landscape is evolving, with various manufacturers introducing more affordable foldable options. As brands like Samsung and Huawei expand their product lines, they are also lowering prices, making foldable devices more accessible to a broader audience. This shift toward affordability is expected to attract consumers who may have previously viewed foldables as luxury items.