The market grew 148pc year-on-year in 2021
Shipments of foldable smartphones is forecasted to increased by a CAGR of 53 per cent between 2021 and 2024.
This figure is expected to surpass 30 million in 2024 according to Canalys forecasts.
Last year a total of 8.9 million foldable smartphones were sold, largely driven by Samsung.
This fairly niche segment grew 148pc year-on-year, compared to the seven per cent the overall smartphone market grew.
“The key catalyst for foldable smartphones has been the booming use of large-screen devices during the pandemic,” said Canalys research analyst Runar Bjørhovde.
“As consumers are constantly looking for a better experience on their day-to-day mobile devices, the bar has now been set even higher by the productivity and entertainment experience on large screens.”
Bjørhovde adds that there will be more opportunities for vendors to capitalise on foldable opportunities as the world reopens post-pandemic.