Firms eye slice of foldable phone pie as demand rises

14.2 million such phones were shipped globally in 2022, up 60% from year before

- Hana Chen

Iconic in the early 2000s when sleek and chic flip phones were all the rage, foldable phones are once again steadily rising in popularity as users buy into the nostalgic design.

Some use the phone as a tripod to take photos and videos of themselves. Others find convenience in reading notifications on a miniscreen without having to flip open the phone.

In 2022, some 14.2 million foldable phones were shipped globally, according to data from two market research firms, IDC and Canalys.

This is a 60 per cent increase from nine million phones in 2021. The market is expected to continue its upward climb to 21.4 million units globally in 2023.

Sales of foldable phones, which are priced between $1,200 and over $2,000, comprised 1.2 per cent of the global smartphone market in 2022. In Singapore, demand for these premium foldable devices is slightly higher, accounting for 3.2 per cent of the overall local smartphone market.

"Foldables will grow in the upcoming years as more competition drives improvements in prices, design, reliability and awareness," said Mr Bryan Ma, vice-president of device research at IDC.

Similarly, Canalys predicted that foldable phone shipments will double to over 30 million in 2023, as new vendors seek to enter the market.