According to new research from Future Market Insights, the foldable phone market is projected to expand significantly as demand and innovation increase.

The research highlights that the market is expected to surpass a valuation of USD$65 billion, growing at a CAGR of over 25.2% through 2031. The study attributes this to the continuous evolution of smartphones, which has facilitated the innovation in display technologies making foldable displays a major drawcard.

Rapid advancements in technology, improvements in design, more robust functionality, and product up-gradation are all factors sparking the expansion, and trends show this is expected to continue now for a number of years.

Patents were often found to be processed in order to protect design architecture for soon-to-be-released folding phones. Various well-known corporations have filed patents, including Apple (which has not yet released a foldable phone), which has protected its folding smartphone technology against wear and tear over time by patenting a hinge heating technique.

Additionally, other smartphone manufacturers are experimenting with technologies and features in their foldable smartphones, as shown in the Motorola Razr and Samsung Galaxy Fold, both of which have a distinctive appearance but favour front-to-front fold display technology.

Oppo also recently launched two new foldable phones in the market, both with an inward-folding design. Vivo is also expected to release a folding phone with an inwards folding design, while Xiaomi has already released the Mi MIX Fold.

The work-from-home culture is also said to have led to a more considerable demand for reliable and efficient electronic products. This is anticipated to provide impetus to foldable phone sales in the forthcoming years as well.

Other key statistics and takeaways from the research found that:

• Based on display size, the under 6 Inches display segment is expected to hold 44.6% of the total foldable phone market share in 2021.
• Foldable phones with a 12 GB RAM are likely to dominate the market in 2021, accounting for over 46% of the total market share.
• Under the storage segment, foldable phones with storage space of 256 GB will hold more than half of the total foldable phone market share in 2021.
• USD$500-1,500 is projected to hold the leading share in the market in 2021, accounting for nearly half of sales.
• Sales of foldable phones through online retail channels are projected to grow at a prolific 38.1% CAGR through 2031.
• China will emerge as an attractive foldable phone market, accounting for over 40% of the market share in East Asia in 2021.
• The U.S. will dominate the North American foldable phone market with nearly 80% of the market share over the forecast period.
• India is projected to account for more than one-third of the South Asia foldable phone market share in 2021.

The research ends by saying that many of the leading manufacturers of foldable phones are focusing on promotional strategies, advertisements, and new product launches to improve sales across the market.