Canalys, a renowned worldwide technology market research firm, released a report with some bold forecasts for the foldable smartphone market’s future. According to the early prediction, 30 million foldable handsets will be shipped annually in 2024, representing a 53 percent compound annual growth rate (CAGR) between 2021 and 2024.
According to Canalys, the average selling price (ASP) of foldable smartphones would drop by half in 2024, from current levels to roughly $1,000.
In 2021, the foldable category is expected to rise by 148 percent year over year, with an estimated total of 8.9 million shipments. During the same time span, the normal smartphone market expanded by 7 percentage points.
In comparison to the previous year, premium Android phone shipments have decreased by 18%. To stay up with Apple, which witnessed a 68 percent growth in demand during the same time period, Android producers will certainly strive to boost demand with new foldable smartphones.