Report says foldable smartphones in this price segment will rise in 2023 – Times of India
Foldable smartphones in the price range of Rs 60,000 to Rs 75,000 will witness a rise in 2023, and it is expected to grow five times by 2026 in India, a report has said. The report is significant because the foldable smartphone market in the country caters to a niche audience.
According to CyberMedia Research (CMR), foldable smartphones in the price range may potentially account for 10% of the overall foldable smartphone market.
“With growing adoption of foldable smartphones, and increasing competition amongst OEMs, the average selling price (ASP) for foldable phones is anticipated to drop further by 12-15% in 2023. CMR estimates posit the Rs 60,000-75,000 price bracket to be the sweet spot for OEMs,” said Menka Kumari, analyst, Industry Intelligence Group (IIG), CyberMedia Research.
Maturing foldable technology
According to Kumari, this new breed of foldable smartphones will come due to increasing technology maturity, market acceptance and strong competition amongst smartphone OEMs seeking to establish an ‘early mover’ advantage.
“The hyper-competitive smartphone market provides an avenue for new foldable market entrants to stake an early leadership mantle, especially in the lower premium price tiers,” Kumari highlighted.
The report also said that the growth in foldable smartphone shipments will contribute to growth momentum for the premium smartphone market.
What people prefer
Citing consumer insights, CMR said that there is an increasing acceptance of the foldable form factor. It noted that 8 in 10 smartphone buyers were positive and open to factoring in a foldable phone into their future smartphone purchase.
As per CMR, 41% people prefer “book-styled” folding phones and 48% prefer compact “clamshell-style” flip phones. In 2023, the overall foldable market will grow over 65% year-over-year, despite macro headwinds.
Samsung to lead the segment in 2023
CMR said that Samsung will continue to enjoy a lead growth momentum in the foldable segment.
“Until now, Samsung has been steering foldable market growth. The Samsung Galaxy Z Fold and Galaxy Z Flip have continued to gain consumer acceptance, and especially, the latest, fourth generation models. With increasing technology and market maturity, the foldable market is potentially poised for massification,” added Shipra Sinha, analyst- Industry Intelligence Group (IIG), CyberMedia Research.
According to CyberMedia Research (CMR), foldable smartphones in the price range may potentially account for 10% of the overall foldable smartphone market.
“With growing adoption of foldable smartphones, and increasing competition amongst OEMs, the average selling price (ASP) for foldable phones is anticipated to drop further by 12-15% in 2023. CMR estimates posit the Rs 60,000-75,000 price bracket to be the sweet spot for OEMs,” said Menka Kumari, analyst, Industry Intelligence Group (IIG), CyberMedia Research.
Maturing foldable technology
According to Kumari, this new breed of foldable smartphones will come due to increasing technology maturity, market acceptance and strong competition amongst smartphone OEMs seeking to establish an ‘early mover’ advantage.
“The hyper-competitive smartphone market provides an avenue for new foldable market entrants to stake an early leadership mantle, especially in the lower premium price tiers,” Kumari highlighted.
The report also said that the growth in foldable smartphone shipments will contribute to growth momentum for the premium smartphone market.
What people prefer
Citing consumer insights, CMR said that there is an increasing acceptance of the foldable form factor. It noted that 8 in 10 smartphone buyers were positive and open to factoring in a foldable phone into their future smartphone purchase.
As per CMR, 41% people prefer “book-styled” folding phones and 48% prefer compact “clamshell-style” flip phones. In 2023, the overall foldable market will grow over 65% year-over-year, despite macro headwinds.
Samsung to lead the segment in 2023
CMR said that Samsung will continue to enjoy a lead growth momentum in the foldable segment.
“Until now, Samsung has been steering foldable market growth. The Samsung Galaxy Z Fold and Galaxy Z Flip have continued to gain consumer acceptance, and especially, the latest, fourth generation models. With increasing technology and market maturity, the foldable market is potentially poised for massification,” added Shipra Sinha, analyst- Industry Intelligence Group (IIG), CyberMedia Research.
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