Samsung Takes Top Spot as Global Foldable Smartphone Shipments Decline in Q3 2024: Counterpoint Research

Global foldable smartphone shipments fell by 1 percent year-on-year (YoY) in the third quarter (Q3) of 2024, according to a market research firm. The market is reported to have experienced a dip for the first time after six consecutive quarters of growth. Samsung had the largest market share in the foldable smartphone market globally, followed by brands such as Honor, Huawei, Motorola, and Xiaomi. The latter recorded the highest YoY shipment growth among foldable brands courtesy of its foldable smartphone launches outside of China.

Global Foldable Smartphone Shipments

According to a report by Counterpoint Research, Q3 2024 marked the first-ever decline in global foldable smartphone shipments. Samsung's poor performance of its flagship Galaxy Z Fold 6 and Galaxy Z Flip 6 is attributed as one of the possible causes behind this decline. Despite this, the South Korean technology conglomerate had a market share of 56 percent — shipping more devices than its rivals by a massive margin.

The data comes from Counterpoint Research's Global Foldable Smartphone Market Tracker.

Global Foldable Smartphone Shipments in Q3 2024
Photo Credit: Counterpoint Research

However, by its own standards, Samsung's unit shipments witnessed a 21 percent YoY decrease. Its decreasing numbers in China, courtesy of the emergence of various brands and products, resulted in the company having only an 8 percent market share in the country. It is also reported to be facing strong competition in North America from Motorola's newest Razr series, while Honor's foldable smartphones are also said to be giving it a tough fight in the Western European market.

Huawei was reported to be the second-biggest player in the global foldable smartphone market with a 15 percent share, up from 13 percent compared to the same period last year. Although it launched several experimental models such as the Nova Flip and the Mate XT Ultimate Design which saw lower shipments, the company aims to drive growth with the launch of the Mate X6 this month.

Honor and Motorola grabbed the third and the fourth spots in the list with 10 percent and 7 percent market shares, respectively. Counterpoint notes that both brands were among the fastest growing in Q3 2024 courtesy of flagship smartphone launches in recent months. Xiaomi recorded the highest YoY shipment growth among foldable brands at 185 percent. It also had a 6 percent market share — its highest since entering the foldable smartphone market in Q1 2021.