[News] Samsung’s Potential Mid-Range Foldable Phone Launch in 2024 Breaking the High-Price Barrier

2023-11-10 Consumer Electronics editor

According to MoneyDJ’s report, Samsung Electronics, the South Korean smartphone giant, unveiled its latest foldable phones, the Galaxy Z Fold5 and Galaxy Z Flip5, in August. With a year until the next generation hits the market, speculation is arising that Samsung plans to incorporate foldable features into mid-range models. This move aims to lower the entry barrier, attract a broader customer base, and strengthen Samsung’s leading position in the foldable phone market.

TrendForce recently reported that Android smartphone brands are actively entering the foldable phone market, aiming to break through the plateau in smartphone market growth with the unique design of foldable phones. However, the widespread adoption of foldable phones faces a significant obstacle in their high pricing.

According to supply chain sources, Samsung is set to launch a mid-range foldable phone in 2024, targeting a relatively budget-friendly price range of $400 to $500 USD.

In August, Samsung launched its latest generation of foldable phones, the Galaxy Z Fold5 and Galaxy Z Flip5, maintaining a premium pricing strategy. The suggested retail prices are $1,799 USD for the Galaxy Z Fold5 and $999 USD for the Galaxy Z Flip5.

The market is eagerly anticipating Samsung’s introduction of a mid-range foldable phone. However, as of now, this remains in the speculative phase, and there’s no information available regarding its design, specifications, or other details.

Previous market rumors suggested that Samsung’s Z series of foldable phones might follow the flagship S series by introducing a “Lite Flagship” FE version. This version is expected to feature hardware downgrades to offer a more budget-friendly price, aiming to attract consumers.

According to a TrendForce’s forecast, as foldable phones gain increased acceptance in the consumer market, the global shipment volume of foldable smartphones is estimated to reach 18.3 million units in 2023. This represents a substantial 43% growth compared to 2022, although it accounts for only 1.6% of the total smartphone market sales. Looking ahead to 2024, the shipment volume is expected to grow by another 38%, reaching 25.2 million units, and the market share is projected to increase to 2.2%.

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(Photo credit: Samsung)