India Could Experience 6.3 Million Foldable Smartphone Deliveries By 2027
According to the report, folding shipments in India grew by 141 percent (year-on-year) till August this year, with the overall folding market CAGR increasing by 56 percent to reach 6.3 million units by 2027.
In the period 2023-2024, the entire folding market is expected to grow by 84 percent (yearly).
According to market research firm CyberMedia Research (CMR), increasing localization of foldable products, including flagship devices such as Samsung Z Fold 5 and Flip 5, as well as Tecno foldable devices, is driving market growth.
As foldables become more accessible and affordable to a wider range of consumers, CMR estimates that the Rs 60,000 and Rs 75,000 foldables will grow at a CAGR of 50 percent in India between 2024 and 2026.
“With the increasing democratization of the folding and flip form factor, we foresee positive long-term growth for the Android folding market,” said Prabhu Ram, Head-Industry Intelligence Group, CMR.
Samsung’s foldable shipments secured a 74 percent market share in the Indian smartphone market till August.
Tecno Phantom V Fold foldable shipments captured 10 percent market share and Oppo Find N2 Flip shipments captured 2 percent market share in the Indian smartphone market.
Global technology brand OnePlus will also launch its first foldable flagship phone, the OnePlus Open, on October 19.
The super premium and above (Rs 50,000 and above) smartphone market segment grew by 93 per cent (year-on-year), the report said.
“As the technology matures and strives to be an early leader in the foldable market, more smartphone brands are looking to enter the foldable and mainstream foldable market,” said analyst Shipra Sinha.
