Market Trends of Foldable Smartphone Industry
Growing Demand of Multi-Screen Smartphone
- According to Microsoft's internal research, two screens increase productivity. The example is similar to how some desktop office users set up their PCs with two (or three) displays. The user can glance at one show, then another, and keep going because the data is displayed separately on different screens. Again citing internal research, Microsoft asserts that users found it easier to complete work on two screens than on a single foldable display or a single screen.
- However, the rise in smartphone subscriptions is expected to drive the studied market. For instance, Ericsson said there were more than six billion smartphone subscriptions globally last year. In the coming years, that figure is expected to increase by several hundred million more. The nations with the most smartphone users are China, India, and the United States.
- The emerging countries of developing regions, such as Latin America, the Middle East, Africa, and some parts of Asia and Europe, are witnessing increased smartphone demands due to the increasing proliferation of technology in these countries. The International Monetary Fund (IMF) recently projected that the economic growth in emerging markets is expected to be faster (4.7%) than in developed markets due to government support, improving legal framework, expansions by market leaders, etc. Such trends are also expected to create several growth opportunities for regional and global original equipment manufacturers (OEMs) to expand in these markets through strategic collaborations and innovations.
- Furthermore, BOE technology has also developed its flexible active-matrix organic light-emitting diode (AMOLED) display screens. It has also teamed up with multiple smartphone manufacturers, including Oppo, Huawei, Vivo, Xiaomi, ZTE, and Nubia Tech. Xiaomi has already launched its foldable offering, suggesting that its displays can deliver the required flexibility and durability for these foldable smartphones, including other devices. Such initiatives are expected to provide growth opportunities for the smartphone industry's growth in terms of increased demand for next-generation smartphones from customers.
- In April last year, TCL developed a Fold' n Roll concept that transforms a 6.87-inch phone into a 10-inch tablet, using a folding hinge and extendable mechanism to expand from phone to tablet. The company also showcased the Tri-Fold foldable concept smartphone device (up to 10-inch tablet) that relies on two hinges, which is a unique concept and targets an entirely different user group. The company plans to launch foldable smartphones before the end of the last year.
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Asia-Pacific to Register Significant Growth During the Forecast Period
- The rapid advancements significantly influence the foldable smartphone market in technology by established players operating in the Asia-Pacific region. The global market consists of just a few key firms from the Asia-Pacific region and has witnessed an increase in competition as producers compete to gain early benefits of merchandise commercialization over competitors.
- The Asia-Pacific market has also been undergoing uniform growth due to eminent technological resources, segment costs, and huge initial investments required for product enhancement. Moreover, the prominent market players are anticipated to launch newer products over the forecast period to revolutionize the smartphone industry across emerging economies.
- Moreover, emerging nations, such as India, have witnessed a decline in data costs since 2013. This has increased the number of smartphone users. According to the Associated Chambers of Commerce and Industry (ASSOCHAM), the number of smartphone users in the country is anticipated to double from around 468 million users in 2017 to 859 million this year, registering a CAGR of 12.9%. Such a rise in the usage of smartphones will create an opportunity for foldable smartphone vendors to develop new products to capture market share.
- Further, there has been an increasing focus on R&D activities, coupled with the ongoing technological development trends, among various component suppliers and product developers, including some prominent firms, such as Samsung Electronics, LG Display, and Royole Corporation. Prominent companies in the APAC region are working on developing integrated display technology. They primarily compete to introduce this technology, supporting the market's growth during the forecast period.
- In September this year, Vivo teased the Vivo X Fold Plus 5G launch. China will soon be able to purchase the brand-new Vivo foldable smartphone. The Vivo X Fold Plus 5G, the company's most recent premium foldable smartphone, will go up against gadgets like the Samsung Galaxy Z Fold4 5G. It should be available for purchase soon. Before launch, the company promised that the X Fold Plus 5G would have a new hinge mechanism. The new hinge allows the X Fold Plus 5G to be folded and placed at various angles, including 30 degrees, 90 degrees, and 120 degrees.
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