In 2023, the most alluring segment in the smartphone industry was foldable smartphones, as indicated by a recent study. With brands like Samsung and Motorola reaping the rewards, this category saw the most explosive growth due to an unprecedented spike in consumer demand.

A research report by Display Supply Chain Consultants reveals that foldable smartphones set a new sales record for Q3 of 2023. The catalyst for this boost was Samsung’s introduction of the Galaxy Z Fold5 and Z Flip5, as well as Motorola's reintroduction of the Razr.

Sales of foldable devices skyrocketed by 215% in Q3 2023 compared to Q2 2023 and saw a 16% rise when compared to Q3 2022, leading to the sale of 7 million units. This demand surge dwarfed the previous high of 6.1 million units sold in the same quarter of 2022.

Samsung dominated the market with a 72% share. However, it marked a drop from last year's 86% as brands like Motorola and various Chinese smartphone manufacturers made some inroads into Samsung's market share.

Samsung's Z Flip5 and Fold5 stood at the top of the bestselling list, grabbing 45% and 24% market shares, respectively. Motorola's sales data was not made public, yet it's struggling to penetrate the high-end segment of the premium smartphone market despite seizing a share in the affordably priced premium market.

DSCC predicts a 35% decrease in foldable smartphone sales in Q4, as compared to Q3, but anticipates a 47% rise compared to Q4 2022. The cause of this drop is believed to be lower-than-expected shipments from Samsung and postponement of some new product launches.

In China, Huawei has been making sizeable strides, capturing 21% of the market, closely followed by Honor at 19%. Consequently, for the whole year of 2023, it's anticipated that sales of foldable smartphones will rise 23%, amounting to approximately 15.8 million units sold, compared to 2022.