target audience: TECH SUPPLIER Publication date: Mar 2023 - Document type: Market Forecast - Doc Document number: # US50471323
Worldwide Foldable Phone Forecast, 2023–2027
This IDC study presents our updated five-year forecast for foldable phone shipments worldwide. The worldwide foldable phone market will reach 21.4 million foldable phones in 2023, up 50.5% from the 14.2 million units shipped in 2022. Total foldable shipments worldwide will reach 48.1 million units by 2027, resulting in a CAGR of 27.6% for 2022–2027.
"The foldable phone market finished slightly higher than previously forecast as consumers start to embrace the new form factor," said Anthony Scarsella, research manager with IDC's Worldwide Quarterly Mobile Phone Tracker. "A 10% decline in ASP helped the market grow 75.5% in 2022, as foldable devices became more affordable in numerous markets. With new vendors and models joining the race this year, we expect the foldable market to be the one bright spot in 2023 with 50.5% growth, while the total smartphone market contracts 1.1%."
"A plethora of new models from current and new vendors hitting the market later this year can only reiterate the recent success and increased demand we are currently witnessing in the market," said Nabila Popal, research director with IDC's Worldwide Quarterly Mobile Phone Tracker. "Foldables were a key focal point at Mobile World Congress this year as vendors were eager to show off new models and concept devices. With the smartphone market declining over 11% last year, consumers need new motivation to go out and upgrade to something that can wow them. Foldable devices currently bring that "wow factor," I believe they will continue to grab more headlines and outperform non-foldable smartphones over the next five years."