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| Foldable Smartphone Market |
Overview:
A foldable smartphone is a mobile device that can be used
folded or unfolded. They typically have an external screen for quick tasks and
then fold inward to reveal a larger internal display. Some devices fold out on
a vertical axis like the Royole FlexPai and Huawei Mate X, while others fold
inward using a retro-style clamshell design. Most foldable smartphones have two
screens: an outer “cover” display for notifications and a small selection of
apps, and an inner, tablet-sized interior screen for content. The main reason
for the rise of foldable Smartphones is to make it easier to perform multiple
tasks on one device. It also allows people to avoid having to squint their eyes
when using their smartphone in landscape mode for extended periods of time.
Although the concept of foldable smartphones is interesting, there are still a
few hurdles to overcome before these products can be fully adopted by
consumers. For starters, most smartphones and tablets are designed to work on a
single operating system, which makes it difficult for them to be used
effectively on a foldable device. In order for Foldable Smartphone Market to be a success, they need to run a
dedicated operating system that can adapt to the new form factor.
Market
Dynamics:
Increasing acquisitions by key
players are estimated to augment the growth of the global Foldable
Smartphone Market during the forecast period.
For instance,
in March 2021, Xiaomi Group acquired 50.09% of the stake in Zimi, for $205 million. Earlier,
Xiaomi owned a 49.91% stake in the company. Moreover, the rising cost of advanced
technology is anticipated to restrain the growth of the
global market during
the forecast period.
Impact
of COVID-19:
The pandemic was first reported in 2019 in China. It
resulted in transmission of the virus to several other nations. The pandemic
also hampered the growth of many sectors. Automobiles, semiconductors,
electronics, and many other sectors were facing challenges during the pandemic.
There was a shortage of raw materials in many sectors. This shortage was caused
due to disruptions in supply chains. These sectors were also facing a shortage of
skilled professionals during the pandemic. The electronic sector had to shut
down many manufacturing units, as there was a shortage of semiconductor chips.
This had a negative impact on the growth of the global Foldable Smartphone Market.
Key Takeaways:
The global Foldable Smartphone Market is
expected to witness high growth, exhibiting a CAGR of 20.4 % over the forecast period, due to increasing product
launches.
For instance, Google launched its first foldable
phone in November 2022. This new foldable device has two 9.5 MP front cameras. The
global Graphic
Processing Unit Market size was valued at US$ 37.02 billion in 2022 and
is anticipated to witness a compound annual growth rate (CAGR) of 12% from 2023
to 2030.
Asia-Pacific is
anticipated to witness significant growth in the global Foldable Smartphone Market during
the forecast period, due to growing initial
investments and rising product launches. The global Smartphone
Market is estimated to account for US$ 8, 15,356.1 Mn in terms of value
and 1,794.7 Mn Units in terms of volume by the end of 2019.
Key
players operating in the global Foldable Smartphone Market are Huawei Technologies Co.,
Apple Inc., Ltd., Xiaomi Inc., Motorola Mobility LLC, Samsung
Electronics Co., Ltd., Energizer Holdings
Inc., Lenovo Group Ltd., Huawei Technologies Co. Ltd., Motorola Mobility LLC,
Xiaomi Corp., LG Electronics Inc., Apple Inc., Emerging Vendors, and ZTE Corporation.
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