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One brand is selling 455% more foldables this year, and it isn't Samsung
- A study shows that global foldables shipments were up almost 50% in Q2 of this year compared to the same period in 2023.
- Sales surged by over 450% in Latin America and more than doubled across Western Europe and the Asian Pacific region.
- Growth was primarily driven by Chinese brands, with HONOR seeing a 455% increase in year-on-year sales for the quarter.
A new study has shown that global foldable smartphone shipments are up 48% year-on-year in Q2 2024. While this might sound like good news for Samsung — as it’s the biggest player in the market — much of the growth is being driven by its competitors.
The findings from Counterpoint laid out that the most significant gains were being made in Latin America, the Asia Pacific region (excluding China, India, and South Korea), and Western Europe. Coming from a lower base than some regions, foldable sales increased by over 450% in Latin America. Sales also went up in the North American region, but it was by a much more modest 14%.
The most concerning part of the study for Samsung is that the surge in sales was mostly due to extra demand for foldables from Chinese OEMs. Motorola made strong gains, while HONOR saw a whopping 455% increase in shipments compared to the same period last year.
The most-shipped book-type foldable across almost all regions was the HONOR Magic V2. The success was such that HONOR was able to take the top spot for foldables sales in Western Europe in the quarter, deposing Samsung in the process.
The launch of the Galaxy Z Fold 6 is expected to help the Korean tech giant recapture some market share in Q3 of 2024 and remain the top-selling brand overall. Whether it can retain that title in the face of these sales trends remains to be seen.