India likely to see 1 mn foldable smartphone sales by 2026, shows data

The current foldable smartphone sales in India is nearly 3,00,000 which is likely to grow to 10 lakh units by 2026, new data showed on Monday.

The country is expected to see 20 times growth in foldable smartphone shipments in the country by 2026 — around 64 per cent growth in compound annual growth rate (CAGR) terms, according to market research firm CyberMedia Research (CMR).

Led by Samsung, its foldable phones have grown four times since 2020 in the country, with Fold device garnering 61 per cent market share while its Flip foldable model reaching 39 per cent market share in the country.

“As Samsung steers foldable phone innovation, and gets ready to debut its fourth generation of foldable phones, it is important to note that foldable phones are reaching an inflection point in terms of shipments as well as consumer acceptance,” Prabhu Ram, Head-Industry Intelligence Group (IIG), CMR, told IANS.

The research around foldable phones shows a very positive outlook, “with an almost 20 times potential market growth until 2026 since their market debut,” he added.

According to Samsung, the world saw nearly 10 million foldable smartphones being shipped worldwide last year — an industry increase of more than 300 per cent from 2020.

TM Roh, President and Head of Mobile Business at Samsung, recently said that this fast-paced growth will continue.

He said that the upcoming ‘Galaxy Unpacked’ on August 10, “you’ll see that the impact of our innovation is not only about what technology can do”.

The next-generation foldable smartphones, Galaxy Z Flip 4 and Galaxy Z Fold 4, are expected to be showcased during the ‘Galaxy Unpacked’ online event.

–IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Originally appeared on: TheSpuzz