Global shipments of foldable smartphones to jump 44% this year: Report

Amid forecasts of a dull global market for smartphones due to the economic downturn, a report says foldable models alone will maintain growth in the sector.

The Taiwan-based market observer TrendForce on Tuesday predicted global shipments of foldable phones this year will reach 18.5 million units, up 44% from 12.8 million last year.

The report added that Samsung Electronics Co. will lead the foldable market this year as it did last year with 82%. The company previously announced its goal of having its foldable models account for over half of its premium smartphone sales by 2025.

Global players are also getting aggressive in the foldable smartphone market. Chinese giants like Xiaomi, Oppo and Motorola last year released new models on the market, and other companies like Google are expected to enter the sector this year.

The sales growth of foldable smartphones is also expected to propel market demand for hinges that connect both panels of a foldable model together. TrendForce said the market for hinges used for foldable OLED screens this year will reach $500 million (620 billion won).

Write to Sungsu Bae at baebae@hankyung.com