India likely to see 6.3 mn foldable smartphone shipments by 2027

New Delhi: Overall foldable shipments grew 141 per cent (year-on-year) in India till August this year, a report has shown, as the overall foldable market os set to grow at a CAGR of 56 per cent to reach 6.3 million units by 2027.

For the 2023-2024 period, the overall foldable market is expected to witness 84 per cent growth (on-year).

Increasing localisation of foldables, including flagship devices such as the Samsung Z Fold 5 and Flip 5, as well as Tecno foldables will steer the growth of the market, according to the data by market research firm CyberMedia Research (CMR).

With foldable devices becoming increasingly accessible and affordable to a broader consumer base, CMR estimates that foldables priced between Rs 60,000 and Rs 75,000 will grow at a CAGR of 50 per cent in India from 2024 to 2026.

“With increasing democratisation of the fold and flip form factor, we estimate a positive long-term growth trajectory for the Android foldable market,” said Prabhu Ram, Head–Industry Intelligence Group, CMR.

Samsung foldable shipments secured a 74 per cent market share in the Indian smartphone market till August.

Tecno Phantom V Fold foldable shipments captured 10 per cent market share and Oppo Find N2 Flip foldable shipments captured 2 per cent market share in the Indian smartphone market.

Global tech brand OnePlus is also set to launch its first foldable flagship phone, OnePlus Open, on October 19.

Super premium and above (Rs 50,000 and above) smartphone market segment saw 93 per cent growth (on-year), the report mentioned.

“With increasing technology maturity, and with intent to gain early foldable market leadership, more smartphone brands will seek to enter the foldable fray, and mainstream foldables,” said analyst Shipra Sinha.