The latest Canalys report has some bold predictions for the foldable smartphone market in the near future. The early forecast suggests a yearly shipment rate of 30 million foldable in 2024 meaning a compound annual growth rate (CAGR) of 53% between 2021 and 2024. At the same time, Canalys expects the average selling price (ASP) of foldable to drop in half from 2019 values to around $1,000 in 2024.
The foldable segment saw a 148% growth on a per-year basis for 2021 with an estimated total of 8.9 million shipments for 2021. For comparison, the regular smartphone market grew by 7 percentage points for the same period. Premium Android phone shipments have seen an 18% decrease compared to the values in 2019 so Android makers will try and ramp up demand with new foldable offerings in order to battle with Apple which saw a 68% increase in the same period.
