Canalys, a well-known global technology market research firm, has produced a report with some bold predictions for the future of the foldable smartphone market. According to early estimates, 30 million foldable handsets would be supplied yearly by 2024, indicating a 53 percent compound annual growth rate (CAGR) from 2021 to 2024.
According to Canalys, the average selling price (ASP) of foldable smartphones would drop by half to around $1,000 in 2024, from present levels.
With a projected total of 8.9 million shipments in 2021, the foldable category is expected to grow by 148 percent year over year. The typical smartphone market grew by 7 percentage points within the same time period.
Premium Android phone shipments have declined by 18% year over year. Android manufacturers will undoubtedly try to raise demand with new foldable handsets to keep up with Apple, which had a 68 percent increase in demand over the same time period.