• Global foldable shipments grew 48% YoY in Q2 2024 driven by Western Europe, key Asian markets and LATAM, along with China’s consistent lead.
• HONOR was the biggest contributor with its especially strong performance in Western Europe, positioning it as the region’s No. 1 brand.
• Motorola’s Razr 40 series did well across NAM and LATAM, contributing to a triple-digit YoY growth in the OEM’s shipments.
• We expect the increasing presence of key Chinese OEMs to temper Samsung’s Z6 Series launch in Q3, at least in the short term.

Seoul, Beijing, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, San Diego, Taipei, Tokyo – August 29, 2024

Global foldable smartphone shipments increased 48% YoY in Q2 2024, according to the latest Counterpoint Research Foldable Smartphone Shipment Tracker. China continued to spearhead growth in the foldable market, accounting for over half of the total shipments, while other regions also saw significant market expansion during the quarter. The Western Europe, Asia Pacific (excluding China, India, and South Korea), and Latin America regions registered substantial growth in foldable shipments, driven primarily by the robust performance of Chinese OEMs, particularly HONOR and Motorola.

Western Europe has grown to become the second-largest foldable market among key regions, where brands like HONOR, Samsung, Motorola, OPPO, OnePlus, and even Google are competing fiercely. Western Europe hosts the most diverse range of foldable brands outside China. The intensifying competition in the region among these brands has been the key driver of the market's growth. Notably, in Q2 2024, HONOR overtook Samsung for the first time to claim the No.1 spot in Western Europe, marking a significant shift in the competitive landscape of the region. HONOR aggressively expanded into the European and Asia Pacific* markets, driving a 455% YoY increase in its global foldable shipments in Q2 2024, the largest YoY growth among all brands. HONOR targeted markets outside China with its ultra-slim Magic V2, which is less than 10mm thick when folded. In Q2 2024, the HONOR Magic V2 was the most-shipped book-type foldable across all regions excluding China, where Huawei dominates. Motorola captured the highest foldable market share in both North America and Latin America. The LATAM foldable market surged 458% YoY driven by the strong performance of the Razr 40 Series. Motorola has secured the most diverse regional coverage among Chinese OEMs, with significant shipment increases in Europe, Asia, and other markets. Overall, Motorola achieved triple-digit YoY growth in global shipments in Q2 2024. The foldable market outside China, once dominated almost solely by Samsung, has now become a fiercely competitive battleground for OEMs. HONOR and Motorola, both of which achieved significant success in H1 2024, have already launched their new follow-up models, the Magic V3 and Razr 50 series, respectively. Xiaomi and vivo also began launching foldables in markets outside China this year. Samsung is strongly expected to reclaim the leading global position with the launch of the new Z6 Series in Q3 2024, but the intensified competition will likely result in a significant YoY decline in its market share.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research

press(at)counterpointresearch.com