As per the recent report by IDC, Huawei has taken the leadership position in China's foldable smartphone market during Q3 2024 with a whopping 41.0% market share. The analysis by the research firm offers insightful information about the present situation and future direction of the fast-growing foldable segment in China.
Huawei's Tri-Fold Innovation Leads the Market
Huawei's spectacular ascendancy to dominance can be largely credited with the resounding success of its revolutionary Mate XT tri-fold smartphone. Launched last month, the revolutionary phone boasts three folding screens in a Z-shaped form factor and employs powerful dual-hinge technology to provide durability and seamless operation.
The IDC report particularly identifies the way in which Huawei's tri-fold technology has established a completely new segment within the foldable market. As a result of the success of the Mate XT, several other technology producers are said to be working on their own tri-folding models, which could be a new trend for the sector.
"...the release of the world's first tri-foldable phone will continue to fuel the development of the foldable market."
Chinese Foldable Smartphone Market Share, 2024Q3
Complete Foldable Market Rankings
The IDC report identifies the full rankings of China's leading foldable smartphone makers in Q3 2024:
Honor ranks second with a 21.9% market share, holding dominant positions in both horizontal foldable phones (second place) and clamshell devices (third place). Xiaomi took the third place with 17.2% market share, its first time in the top three since Q2 2021, due to robust sales of its new MIX Fold series.
Samsung accounted for 7.7% of the market, while Vivo was fifth in overall rankings while holding third rank in the horizontal foldable segment. OPPO, Lenovo, and ZTE complete the top eight with 3.2%, 2.8%, and 0.2% market shares, respectively.
Chinese Foldable Smartphone Shipments, 23Q3-24Q3
Source: IDC China, 2024
Market Growth Slowing Despite Innovation
The report shows that China's foldable market shipped around 2.23 million units in Q3 2024. Although year-on-year growth is still positive at 13.6%, this is a huge slowdown from the last eight quarters, where growth rates often crossed 80%.
IDC analysts point out that foldable devices continue to struggle with mass adoption. Although technology has advanced, the premium cost and the special user experience demands still hinder their popularity as compared to normal smartphones. The research company insists that manufacturers will need to keep innovating in order to overcome these obstacles.
Future Outlook
With increasing competition in the foldable market, market analysts forecast even more new developments in the form factor, durability, and user experience. The success of Huawei's three-fold design is already triggering the next wave of development, as several companies have announced similar handsets in the near future.
Market experts say ongoing advances in durability, software optimisation, and price affordability will be key drivers of the long-term growth potential of foldable smartphones in China and worldwide.
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