The third quarter of 2023 saw a big jump in the number of foldable smartphones and displays being shipped. Samsung was at the forefront of this, leading the market during this period. However, a report from Display Supply Chain Consultants (DSCC) suggests that Samsung and Samsung Display could see a significant drop in their market share in the next quarter.
During Q3’23, shipments of foldable smartphones reached an all-time high, surging by 215% compared to the previous quarter and growing by 16% compared to the same period last year. A whopping 7.0 million units were shipped, thanks to the popularity of Samsung’s Z Flip 5 and Z Fold 5, as well as the increased shipments by Huawei.
Even though Samsung held a dominant position with a 72% market share, there was a decline from the 86% they had the previous year. The best-selling models were the Galaxy Z Flip 5 and Galaxy Z Fold 5, capturing 45% and 24% of the market, respectively. Huawei and Honor closely followed with the Mate X3 and Magic V2 each having a 6% share.
Looking ahead to Q4’23, Samsung faces challenges. The report predicts a 35% drop in foldable phone shipments compared to the previous quarter, but with a 47% increase compared to the same period last year, totaling 3.6 million units. Samsung’s market share is expected to decrease to 42%, offering an opportunity for Huawei and Honor to gain ground. The Mate X5 is predicted to secure the second position with a 15% share, and the Honor Magic V2 is expected to claim the third spot.
The overall foldable smartphone market is expected to grow by 23% in 2023, reaching 15.8 million units. The top five models for the year are projected to be the Samsung Galaxy Z Flip 5, Z Fold 5, Z Flip 4, Honor Magic V2, and Huawei Mate X5.
Foldable panel shipments also saw a significant increase, rising by 106% compared to the previous quarter and 41% compared to the same period last year in Q3’23, reaching 8.9 million units. Samsung Display maintained its dominant position with a 74% share, although it marked a decline from the previous year. BOE secured the second position with an 18% share, and it is expected to surpass Samsung Display in Q4’23. Huawei’s focus on the foldable market is expected to increase its panel procurement, potentially exceeding Samsung’s for the first time. Visionox is also expected to gain ground, reaching its highest share to date at 18% in Q4’23.
As the popularity of foldable smartphones continues to rise, Samsung is gearing up for tough competition in the upcoming quarter, with other companies aiming to capture a larger share of the market.
