The demand for foldable smartphones priced between Rs 60,000 to Rs 75,000 is expected to grow five times in India by 2026, said a new report on Monday. According to CyberMedia Research (CMR), the year 2023 will see the emergence of a new breed of foldable smartphones in the Rs 60,000 to Rs 75,000 price range, potentially 10 percent of the total foldable smartphone market.
“With the adoption of foldable smartphones and increasing competition among OEMs, the average selling price (ASP) for foldable phones is projected to fall by 12-15 percent in 2023. Sweet spot for OEMs,” said Menaka Kumari, Analyst- Industry Intelligence Group (IIG), Cybermedia Research.
The report states that the overall increase in the foldable smartphone shipments will contribute to the growth going forward for the premium smartphone market. Despite macro headwinds, in 2023, the overall foldable market will grow by more than 65 percent (year-over-year).
As per the report, Samsung will continue to enjoy the growth momentum in the foldable segment.
“So far, Samsung is leading the foldable market growth. The Samsung Galaxy Z Fold and Galaxy Z Flip continue to gain consumer acceptance, especially the latest, fourth-generation models. With increasing technology and market maturity, the foldable market is potentially ready to scale up, said Shipra Sinha, Analyst-Industry Intelligence Group (IIG), Cyber Media Research.
Furthermore, the report states that 8 out of 10 smartphone buyers were positive and ready to include foldable phones in their future smartphone purchases.
With each passing generation of foldable phones, consumer confidence has increased due to greater device durability, especially features such as the hinge (58 percent), and water and dust resistance (45 percent).
In the last annual foldable phone report, four out of five consumers pointed to being concerned about pricing.
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