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Highlights Huawei's foldable shipments surged by 257% YoY in Q1 2024. Huawei now commands a 35% share of the global foldable market. The Mate X5 significantly contributed to Huawei's rise in foldable sales. Book-style foldables exceeded clamshells, making up 55% of global shipments. Recent industry statistics show that Huawei has surpassed Samsung as the world's biggest producer of foldable smartphones, making it an important change in the market. This marks a huge milestone in the fast-changing world of foldable devices. Foldable Shipments Surge Other companies that showed impressive annual growth rates include Lenovo's Motorola (+1260%), Honor (+480%), Vivo (+331%), and Xiaomi (+41%). Conversely, Samsung (-25%) and Oppo (-75%) saw a decline in market share The reason Huawei is able to sit atop the list, though, is a whopping 257% year-over-year growth in foldable shipments worldwide for Q1 2024. This was driven by the fact that the company had managed to secure 5G processors from Chinese foundry SMIC, allowing 84% of Huawei's foldable phones to offer 5G connectivity. The Mate X5 is Huawei's first 5G inward-folding, book-style foldable, released in the third quarter of 2023, and it has been very crucial to the company's growth as it has become one of the bestselling foldables in China. Changing Market Dynamics Huawei leads in the foldable phone market after integrating 5G technology, seeing 257% YoY growth in shipments Huawei commanded a 35% share of the global foldable market in Q1'24, up from 14% last year. In comparison, Samsung's market share fell from a dominant 58% to 23% year on year. Another easily noticeable trend was a shift in demand toward book-style foldables, which accounted for 55% of global foldable shipment, exceeding clamshells for the first time since 2021. Competitive Landscape Honor's Magic V2 has become Western Europe's top-selling foldable phone, pushing for 12% market share in global competition While Huawei became the new leader, other manufacturers have made significant advances in the foldable industry. Foldable shipments of Honor, formerly a Huawei sub-unit, surged 460 percent year on year and took a 12 percent market share in Q1 2024. The Honor Magic V2 became the best-sold foldable phone in Western Europe during that time. Motorola posted the biggest year-over-year gain in foldable shipments worldwide, up a whopping 1473 percent and taking 11 percent market share. The Razr 2023 was a huge success in North America during Q1 2023. Future Outlook Clamshell design foldable phones are on the rise, making up 55% of global shipments as Samsung faces big competition in the market The Galaxy Z Flip 6 will reportedly help Samsung regain share in the foldable market when it launches in July. Meanwhile, clamshell foldables are expected to bounce back, driven by the new Galaxy Z Flip model and a new low-priced clamshell offering from Huawei. The Galaxy Z Flip 6 will reportedly help Samsung regain share in the foldable market FAQs How did Huawei become the leading foldable smartphone producer? Huawei achieved this by increasing its foldable shipments by 257% year-over-year in Q1 2024, largely driven by securing 5G processors and the success of the Mate X5. What is Huawei's market share in the foldable smartphone segment? Huawei commanded a 35% share of the global foldable market in Q1 2024, up from 14% the previous year. Which Huawei model significantly contributed to its success? The Mate X5, Huawei's first 5G inward-folding, book-style foldable, played a crucial role in its growth and became a bestseller in China. How has the global demand for foldable smartphones changed? Global demand has shifted towards book-style foldables, which accounted for 55% of shipments, surpassing clamshell models for the first time since 2021. Which other companies have made significant gains in the foldable market? Honor and Motorola made notable advances, with Honor's foldable shipments increasing by 460% and Motorola's by 1473% year-over-year in Q1 2024. Also Read: Huawei Reportedly Working on Tri-Fold Smartphone; Vivo and OPPO Could Exit Foldable Market Entirely Also Read: Exploring the Rising Costs of Smartphones and if Their Value is Justified

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