In recent years, we have noticed a swift expansion in the sector of foldable smartphones. An increasing number of companies are keen on venturing into the production of such devices. A report by the market research firm TrendForce suggests that foldable phones are set to constitute 5% of the global market by the year 2027. The organization has further disclosed its statistics for the forthcoming half-decade.

The report projects that by the end of the current year, the number of these devices shipped globally will hit 18.3 million units. Simply put, foldable smartphones will account for 1.6% of the total smartphone market. This share is projected to inflate to 70 million units within the next five years, which would translate to the aforementioned 5% of the worldwide market.

Those curious about the progress leading up to the year 2027 may be interested in some additional data for the next year. According to the forecasts, shipments are predicted to increase to 25.2 million units, indicating a growth of 38%. Consequently, the foldable smartphone market would represent 2.2% of the total market in the following year.

So, why the sudden growth in this sector? The answer lies in the consumers' growing interest. The increase in production of these devices is causing a substantial reduction in the manufacturing costs, thereby making them more affordable to consumers. The competition in this sector is fierce, which in the grand scheme of things is beneficial considering it leads to better product quality and more reasonable prices.

Another interesting development is the rise of Chinese Original Equipment Manufacturers (OEMs) making an entry into the global foldable smartphone arena, a realm which was primarily limited to China up until now. According to TrendForce, despite the increasing competition, Samsung remains a formidable competitor worldwide. This year, the company aims to sell 12.5 million foldable devices, capturing two-thirds of the market share.

This prediction shows a decline from the previous year when Samsung held 82% of the market. However, such a decrease is logical given the escalating competition. Apart from Samsung, Huawei is slated to corner 14% of the market, while Oppo and Xiaomi are projected to hold 5% and 4% of the market share of foldable phones respectively.

The author of the news, Brian, is a regular contributor at Research Snipers, mainly covering stories related to various technology sectors, including giants like Microsoft, Google, Facebook, Apple, Huawei, and Xiaomi.