Huawei has been weathering a US ban, and there was a time when its smartphone division was struggling to survive. However, according to the latest data from TechInsights, the Chinese manufacturer is now the world’s best-selling foldable smartphone brand for Q2 2024. Counterpoint Research’s figures also confirmed Huawei’s dominance in this segment in the first quarter of the year.
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TechInsights’ Q2 data reveals that Huawei achieved a remarkable 229% growth year-on-year, retaining its top spot in the foldable smartphone market ahead of Samsung. One of the key factors contributing to Huawei’s success is the Asia-Pacific region, where the brand is well-known, and which happened to be the most vibrant market for foldable smartphones in the last quarter.
Samsung, in second place for two consecutive quarters, managed only a 5% growth rate, far below the market average of 85%. This puts them in a rather lackluster position, despite their previous years of leadership in this segment. It’s worth mentioning that Samsung was the first to commercialize foldable smartphones and enjoyed a near monopoly for a while before the rise of Chinese competitors like Oppo, Vivo, Xiaomi, OnePlus, and Huawei.
Samsung’s primary stronghold remains North America, where it has a solid presence and profitable smartphone business. However, market data and expert analysis suggest that Q3 is unlikely to bring any significant changes, and Samsung doesn’t seem to have a clear path to regaining its top position, especially with weakening demand for their foldable smartphones. Internal business data leaks indicate that their recently launched Galaxy Z Fold6 and Z Flip6 haven’t attracted many buyers after a rather underwhelming debut in July.
Samsung’s ranking among top foldable smartphone manufacturers may continue to slide
Samsung’s second-place position is under threat, and the challenge isn’t coming from the third-ranked Vivo but rather from Honor and Transsion Holdings, currently fourth and seventh in the rankings, respectively. Honor has seen a remarkable 423% growth year-on-year, while Transsion has achieved a shocking 3,150% growth rate. Transsion may not have a presence in Vietnam, but they are popular in several other Southeast Asian countries and are among the top 5 manufacturers in the markets they serve.
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