Lu Taiwen, head of Samsung Electronics’ mobile business, is reported by Yonhap News Agency as saying that this year will be crucial for the widespread adoption of foldable mobile phones. Sales of foldable mobile phones are expected to reach 100 million units worldwide in the coming years, according to many industry research organizations.
Samsung wants foldable phones to account for more than 20% of sales of its flagship Galaxy model this year. The company aims to make foldable phones a pillar of performance alongside the Galaxy S flagship series and a significant sub-category of high-end models by increasing their share of global sales to 25% by 2025.
According to Canalys, Samsung Electronics controlled more than 77% of the foldable phone market in 2017. IDC predicts that the number of foldable phones shipped this year will increase by more than 50% to 21.4 million units, and that this number will grow to 48.1 million units by 2027 thanks to consumer acceptance.
Lu Taiwen emphasized Samsung Electronics’ goal to expand the market for foldable smartphones. With the help of international partners, the company is reducing production costs to bring down the price of foldable phones. He said that sales of the first generation of foldable phones have already reached nearly 100 million units since their launch last summer. However, he did not give specific sales targets for the latest models.
The timeframe for achieving the goal of making foldable phones commonplace is directly related to the company’s profitability, according to Lu Taiwen.
Samsung Electronics’ mobile division posted a profit of 3.04 trillion won in the second quarter, down slightly from the previous period. In order to maintain its dominance in the fast-changing mobile sector, the company is still committed to improving its foldable phone options.