According to The Elec (Korean), Samsung is working on an entry-level model of its flagship foldable phone, the Galaxy Z Fold 6, later this year to expand its footprint in the growing foldable phone market.
While Samsung has proven itself in foldable phones with the Galaxy Z Fold and Z Flip series, the company has always focused on the premium segment. However, market trends and increased competition, especially in China, seem to be leading to a change in strategy.
According to research firm Omdia, Samsung currently ranks third in the foldable phone segment in China, behind Honor and Huawei. In the third quarter of 2023, Samsung secured a 19% share, trailing behind Honor (28%) and Huawei (26%).
The lower-priced Z Fold 6 model could be launched alongside the vanilla Z Fold 6 and Z Flip 6 in the second half of 2024. This would be Samsung"s biggest push into foldables yet, with three new models at different price points.
Research firm DSCC (Display Supply Chain Consultants) forecasts global foldable shipments to grow 23% this year to 15.8 million units, signaling growing consumer interest. An entry-level Z Fold 6 could be Samsung"s game changer in China.
Samsung"s current foldables, like the Z Fold 5, are significantly thicker than flat smartphones when folded. But rivals like Huawei and Oppo have introduced thinner and more compact foldable designs that have been well-received in China.
Nevertheless, Samsung remains optimistic. The company boldly predicted a tenfold increase in global demand for foldable OLED displays within five years, reaching 100 million units. So, Samsung will need to address thickness and price challenges to truly penetrate the market.
In case you missed it, last week Samsung held its first event of the year, Unpacked, and unveiled the Galaxy S24 series. Along with the hardware specs, Samsung also announced a number of new AI-powered features that will be included in the Galaxy S24 smartphones.
Source: The Elec (Korean)