Counterpoint Research: Global foldable smartphone shipments grew 48% YoY in Q2

According to the latest Counterpoint Research Foldable Smartphone Shipment Tracker report, global foldable smartphone shipments grew 48% YoY in Q2 2024. China continues to lead the growth of the foldable phone market, accounting for over half of the total shipments, while other regions also saw significant market expansion. Foldable shipments in Western Europe, APAC (excluding China, India, and South Korea), and Latin America saw significant growth, mainly driven by Chinese smartphone brands, especially Honor and Motorola. Western Europe has developed into the second-largest foldable market among key regions, with fierce competition among brands such as Honor, Samsung, Motorola, OPPO, OnePlus, and even Google. Western Europe has the most diverse foldable brands outside of China. The increasingly fierce competition among these brands has been a key driver of market growth. Notably, Honor surpassed Samsung for the first time in Q2 2024 to take the top spot in the Western European market, marking a significant shift in the region's competitive landscape. Honor aggressively expanded into Europe and APAC, driving its global foldable shipments to grow 455% YoY in Q2 2024, achieving the largest YoY growth among all brands. Honor targeted markets outside of China with its ultra-thin Magic V2, which folds to less than 10mm thick. In Q2 2024, Honor Magic V2 was the most shipped clamshell foldable model in all regions except China, where Huawei dominated the market. Motorola has the highest foldable market share in North America and Latin America. The foldable market in Latin America soared 458% YoY due to the strong performance of the Razr40 series. Motorola has the widest regional coverage among Chinese brands, achieving significant shipment growth in Europe, Asia, and other markets. Overall, Motorola achieved triple-digit YoY growth in global shipments in Q2 2024. The foldable market, which was almost entirely dominated by Samsung outside of China, has now become a battleground for fierce competition among smartphone brands. Honor and Motorola, which achieved significant success in the first half of 2024, have respectively launched their new follow-up models, Magic V3 and Razr50 series. Xiaomi (01810) and Vivo have also started to launch foldables in markets outside of China this year. Samsung is expected to regain its global leadership with its new Z6 series to be launched in Q3 2024, but fierce competition could lead to a significant YoY decline in its market share.