Samsung Has Set Big Foldable Sales Target For 2023
Samsung expects sales of foldable devices to increase significantly this year. The company has reportedly set an internal goal of selling 1.3x more foldable smartphones in 2023 compared to 2022, which would represent 30% annual growth. The Korean giant discussed this goal today during the global strategy meeting of its top executives. The Galaxy Z Fold 5 and Galaxy Z Flip 5 are expected to launch next month.
"This year we have set a sales target of about 1.3 times more foldable devices than last year," a Twitter insider told @Tech_Reve, citing an anonymous person who attended the meeting. The moderator added that Samsung's internal review of the Galaxy Z Flip 5 generated a "substantial amount" of positive feedback. The improvements this year's foldable device makes over its predecessor should help boost sales. The flip model always sells out of the fold.
So far, Samsung has been the undisputed king of the foldable device market. However, this is mainly because the company has never faced strong global competition. Apart from China, Korean companies have monopolized this niche almost everywhere. However, this may not be the case this year. Many Chinese vendors will go global with their foldable phones in 2023, while Google is also entering this market.
However, Samsung still expects strong growth this year. In February, the company's head of mobile communications said sales of its foldable phones would grow at double-digit rates by 2023, with total shipments reaching 15 million units. According to research firm Canalys, the Korean giant will sell 12 million foldable devices by 2022. This represents an increase of approximately 30% in foldable deliveries this year. Despite the economic uncertainty, he remains faithful to this goal.
But Samsung won't be the only company selling more foldable phones this year. The market alone is expected to double by 2023, reaching 30 million shipments worldwide. If the Korean company can achieve its goals, it will acquire about 50% of the company's shares. Nine brands are expected to compete for the remaining 50%, including Huawei, Honor, OPPO, Vivo, Tecno, Google, OnePlus, Motorola and Xiaomi.
In particular, Samsung's market share of foldable devices will drop from 80% in 2022 to 50% in 2023. However, this is not due to weaker demand for its products, but to greater competition. The upcoming Galaxy Z Fold 5 and Galaxy Z Flip 5 will bring several updates over their predecessors, including a redesigned hinge. Time will tell if they will help Samsung reach its foldable sales goal in 2023.
