Samsung has some crazy sales targets for its upcoming phones this year. The company hopes to ship 15 million units of the two foldable phones, a 60% increase compared to last year.
Well, this is an ambitious target for the company and we’re looking forward to seeing how the company plans to achieve this, especially with the competition.
Samsung was the pioneer of foldable phones and has really been trying hard to make sure foldables have a share of the smartphone market. The competition is however catching up as we have seen a number of other players enter the same space.
Google released the Pixel Fold just the other day, Tecno also unveiled the Phantom V Fold and has even made it available here in the market, so has Oppo with the Oppo Find N2 Flip. Samsung is however still undisputed, especially in terms of hardware and software experience but the other players are catching up.
To ensure that it archives those targets, this would be the right time for it to go hard on innovation. As I mentioned other players are catching up and very soon, the market is going to be flooded with foldable phones.
International Data Corporation (IDC) expects worldwide shipments of foldable phones, including flip and fold form factors, to reach 21.4 million units in 2023. This represents an increase of more than 50% over the 14.2 million units shipped in 2022. An updated IDC forecast also projects that foldable phone shipments will reach 48.1 million units in 2027 with a compound annual growth rate (CAGR) of 27.6% from 2022 to 2027.
IDC further notes that foldable phones remain the one positive talking point in a market that declined more than 11% in 2022. This segment’s recent success and forecast growth highlight a healthy demand for this growing form factor. Although average selling prices (ASPs) are dropping slightly, foldables remain in the premium price segments in all regional markets. Despite the expected drop in ASP (-6.8% in 2023), IDC says it has witnessed vast improvements in durability and build while the overall user experience has been elevated with advancements in software and hardware across all vendors.
‘’More models from both new and current vendors are expected to bring further improvements and enhancements to the category to help drive continued adoption’’ IDC says.
That said, Samsung should be launching the Galaxy Z Fold 5 and the Galaxy Z Flip 5 soon with rumours suggesting the Galaxy Unpacked event will happen on July 26.
We are hoping to see some promising upgrades from Samsung. The company also says this year’s event will be hosted in South Korea, its home country instead of the US.