Foldables emerges to be new mark of luxury in mobile phones; set to grow 52 pc in 2023

As multiple models, discount & exchange offers, local manufacturing and a mass push by Apple in India for its iPhones are leading to sales growth, this has had an unintended consequence. With more and more Indians flaunting an iPhone, it may no longer be the mark of mobile phone luxury or give that impression of ‘having arrived in life.’

That space is increasingly being taken up by the ultra-expensive foldable mobile phone category, where Apple's rival Samsung holds sway.

Over two crore foldables will be sold all over the world this financial year, according to consultancy Counterpoint Research. That amounts to a 52 per cent growth, albeit on a smaller base.

It is clear that foldable phones are no longer niche. While Samsung’s fold and flip phones, despite some initial hiccups, are increasingly finding takers, Apple is conspicuous by its absence in this category.

“They remain absent from our short-term forecasts, but they are known for taking their time,” said Counterpoint senior analyst Jene Park. “For now, it is just a waiting game on guidance and listening to the rumour mill like the rest of the market.”

While Apple will launch its next-generation iPhones only in September, whether they will be foldable (or flippable, a style originally popular with American users) remains anybody’s guess. Meanwhile, other mobile manufacturers are seriously taking note — while Motorola and Xiaomi will launch their foldable devices for audiences outside China in 2023, new foldable models are expected from the likes of Huawei, Oppo and Vivo.

“Competition is set to intensify in the global foldable smartphone market as participating (phone makers) will increase,” said Park.

In India, too, foldables, despite their exorbitant prices, will find more takers. "India foldable smartphone shipments are expected to grow by over 20 per cent in 2023,” said Prachir Singh, senior analyst, Counterpoint Research. “We have seen the premium segment growing in the past few years and this premiumisation trend will continue to drive the shipments of the foldable segment. The brands are pushing financing schemes to increase device affordability.”