Huawei has surpassed Samsung to become the world’s leading foldable smartphone brand in the first quarter of 2024. It’s the first time the Chinese tech giant has claimed the top spot in this rapidly growing segment, despite facing ongoing US sanctions.
According to research firm Counterpoint, Huawei’s foldable smartphone shipments surged by a staggering 257% year-on-year in the first three months of the year.
The surge comes in stark contrast to Samsung’s performance, with the South Korean company’s market share dropping from 58% in Q1 2023 to just 23% in Q1 2024. That’s when the total global foldable smartphone shipment grew by 49%.
A key driver of Huawei’s success in the foldable market is its focus on 5G models. In the March quarter, 84% of Huawei’s foldable shipments were 5G-enabled, compared to none in the same period last year.
Counterpoint says the company’s popular foldable models were the Mate X5 (booklet-type) and Pocket 2 (clamshell-type). Most of Huawei’s sales come from China, even though its foldables are available in regions like the Middle East.
Samsung, on the other hand, has been slow to innovate its foldable lineup, which may explain its downturn in the market.
Motorola performed exceptionally well in this segment, with growth of over 1473% compared to Q1 2023, making it now the fourth largest foldable brand with an 11% market share. Its Razr 40 (aka Razr 2023) became the top model in North America, according to the research firm.
Honor holds a slightly higher market share at 12%, placing it in third position. The Honor Magic V2 was the most shipped foldable phone in Western Europe in Q1 2024.
In Q1 2024, “book-type” foldables accounted for 55% of global shipments, surpassing clamshell-type foldables for the first time since 2021.
Samsung is currently preparing for the launch of the Galaxy Z Fold 6 and Flip 6. It will be interesting to see if the company manages to bounce back and reclaim its lost position.
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