, shipments of foldable smartphones are expected to grow at a 53% compounded annual growth rate between 2021 and 2024. For that year, total shipments of foldables would reach 30 million units. The CAGR for the period from 2019 to 2024 is forecast to reach 122%.
Runar Bjørhovde, Research Analyst at Canalys said,"The key catalyst for foldable smartphones has been the booming use of large-screen devices during the pandemic. As consumers are constantly looking for a better experience on their day-to-day mobile devices, the bar has now been set even higher by the productivity and entertainment experience on large screens."
Another Canalys analyst, Toby Zhu, notes that the foldable form factor helps the overall smartphone market because of its appeal to high-end users and early adopters. Zhu says that Android manufacturers in the premium sector of the market have been struggling with shipments in the premium end of the market with shipments in this segment down 18% since 2019.
The analyst says that during the same time period, premium iOS models costing $800 or more have risen 68%."Google and the major Android device vendors must double down on their investments in differentiated hardware and state-of-the-art user experiences to keep appealing to high-end customers," Zhu notes.Yet another Canalys research analyst, Amber Liu, points out that thanks to Samsung, the supply chain for foldables has developed over the last few years.