(Yicai Global) June 5 -- Sales of folding smartphones in China are defying a downward trend in the global market and could more than double in 2023 from last year, the chief analyst at market research firm Sigmaintell Consulting said recently.
China’s sales of foldable phones may reach six million units this year, accounting for 2 percent of the country’s smartphone market, said Chen Jun.
Sales of folding handsets in China surged 52.8 percent in the first quarter to one million devices, according to data from US market intelligence company IDC. While overall smartphones sales slumped 11.8 percent to 65.4 million units.
Although global smartphone sales have been sliding since the beginning of the year, that of foldable phones has been climbing due to their unique features, Zhou Hua, chief analyst at Chinese flat panel research firm CINNO Research, told Yicai Global.
Folding phones are likely to trend at this year’s 618 shopping bonanza, which is held each summer on the anniversary of the establishment of e-retailer JD.com on June 18, Zhou said.
Already foldable handsets have been selling like hot cakes in promotional events that kicked off at the beginning of June. Beijing-based JD.com’s folding phone sales more than tripled from 8 p.m. China time on May 31 to midnight June 1 year on year. And sales on Suning.com jumped two-and-a-half fold.
But amid the current economic environment and surging costs, cell phone manufacturers are unlikely to reduce the price of folding phones much, and therefore the focus of market competition will still be on the usual type of mobile phone, Chen said.
Oppo Mobile Telecommunications Corp. is the country’s best-selling foldable handset maker with 35 percent market share, followed by Huawei Technologies with 24.9 percent and South Korea’s Samsung with 18.4 percent according to IDC.
Editors: Dou Shicong, Kim Taylor