In today's tech world, foldable smartphones are being discussed widely amongst the prime smartphone companies. The motive behind this is the belief that companies like Samsung, Motorola, Huawei, and others have - that these foldable smartphones will breathe new life into the currently stagnant market.

Companies like Samsung continue to pump money into the production of both foldable smartphones and the new-age flip-style smartphones. This year, we've seen them launch the Galaxy Z Fold 5 and the Z Flip 5.

In a recent report, Samsung disclosed its plans to hold onto its foldables as the primary source for its leading growth. At the moment, Samsung dominates the foldable market with a hefty 73 percent share, reports Canalys. However, currently, foldable smartphones make up a meager one percent of the entire smartphone market.

Counterpoint Research's estimates hint that foldables could surpass a third of all smartphones over $600 by 2027. Other brands have also put their aims on foldables to re-ignite the smartphone market's decreasing interest.

In Canada, 2023 saw a decline in smartphone sales by four percent compared to the previous year due to economic restrictions and lower spending patterns. Companies like Motorola, Huawei, and the independent brand Honor are all looking at foldable phones as a potential driver of future sales.

A significant company that hasn't yet leaped onto the foldable bandwagon is Apple. With many rumors of a foldable iPhone being developed, it seems that Apple is quite hesitant to introduce such a product into the market, opting instead for the possibility of a foldable iPad. This device may even be launched this year.

Apple's hesitance is not baseless. Although there has been a relatively positive reception to foldables like the Galaxy Z series, Google's Pixel Fold, and Motorola's Raz+, however, research shows that these devices have a return rate at five to 10 percent higher than their traditional counterparts. Foldable smartphones still remain a niche product in the market and their widespread adoption seems quite difficult in the foreseeable future.