The Indian smartphone landscape is poised for a seismic shift as the nation prepares to welcome an impressive 6.3 million foldable phones by the year 2027, a recent report reveals. The foldable phone market in India is on the brink of rapid expansion, with a projected Compound Annual Growth Rate (CAGR) of 56 percent over the coming years.
The statistics for foldable phones in India tell a compelling story, with an impressive year-on-year growth of 141 percent in shipments recorded until August this year. This soaring demand is a clear indication of the immense popularity and rising accessibility of foldable devices among Indian consumers.
The report, furnished by the reputable market research firm CyberMedia Research (CMR), indicates that the 2023-2024 period is expected to usher in an astounding 84 percent growth in the overall foldable market, underscoring the fervor for this transformative technology.
One of the driving forces behind this rapid expansion is the increased localization of foldable phones. Flagship models such as the Samsung Z Fold 5 and Flip 5, alongside Tecno’s innovative foldable devices, are spearheading this market revolution. The combined effect of more local manufacturing and robust consumer interest is steering the foldable market toward remarkable growth prospects.
As foldable devices become more accessible and affordable to a broader consumer base, CMR predicts that foldables priced between Rs 60,000 and Rs 75,000 will exhibit a striking CAGR of 50 percent in India from 2024 to 2026. This projection highlights the democratization of the foldable form factor and its increasing appeal to a wider audience.
Prabhu Ram, the Head of the Industry Intelligence Group at CMR, underscores this point, stating, “With the increasing democratization of the fold and flip form factor, we estimate a positive long-term growth trajectory for the Android foldable market.” As foldable devices transition from niche to mainstream, the Indian smartphone landscape is on the cusp of transformative change.
In terms of market share, Samsung stands tall as a frontrunner in the foldable segment. Samsung’s foldable shipments have captured an impressive 74 percent market share in the Indian smartphone market until August this year. Tecno Phantom V Fold, another innovative entrant in the foldable arena, secured a 10 percent market share, while Oppo Find N2 Flip made its presence felt with a 2 percent market share.
In a significant development, global tech brand OnePlus is gearing up to introduce its inaugural foldable flagship phone, OnePlus Open, on October 19, further fueling the foldable frenzy in the Indian market.
The premium smartphone market segment, particularly those priced at Rs 50,000 and above, exhibited a remarkable 93 percent growth on a year-on-year basis, as highlighted in the report. Analyst Shipra Sinha anticipates more smartphone brands will strive to establish their presence in the foldable market, seeking early leadership and bringing foldables into the mainstream.
