Emir BardakçıThe attention towards foldable phones continuously increases with the evolution going on in the smartphone industry. According to the latest quarterly report from International Data Corporation, or IDC, shipments of foldable phones in China reached 2.23 million units during this year’s third quarter, while still marking a steady year-on-year growth, but the pace of growth has visibly decelerated compared with the explosive increase in the previous two years. Despite that, however, Xiaomi still managed to make noise in the foldable category and achieved leading rank in that category, which added to the company’s overall growth this year, 2024.
Slower Growth in Foldables, Market Penetration Remains Low
Although foldable phones have been in the market for over five years, they still have a long way to go at the enterprise level in terms of penetration. In fact, as of the first three quarters this year, the total shipments of foldable phones accounted for 3.2% in China’s smartphone market. After the craze at the very beginning when it appeared, folding devices have now already moved into the stable growth stage.
However, by positioning, Xiaomi managed to turn the situation around and kept itself flying right at the top. One of the successful launches of their Xiaomi MIX Flip series has strongly boosted their standing in the competitive foldable phone market space, bringing Xiaomi into the top three creators of foldable phones in China.
Xiaomi’s Surge toward the Foldable Phone Market
According to IDC, Huawei is still holding onto its leading position in China’s foldable smartphone market for the second consecutive season, reaching a 41.0% market share. Meanwhile, Honor captured 21.9%, while Xiaomi secured the third position for the first time since 2Q21.
Foremost and primarily, Xiaomi’s MIX Flip series has accounted for the company’s rise in this segment. Compact and versatile, a folder that was able to strike a chord with mainstream minds craving some innovation married with practicality, MIX Flip managed to steal a show. Representative of cutting-edge technology at competitive prices, Xiaomi managed to stump more established players like Huawei and Honor in this market. More importantly, Xiaomi’s flip phones are manifesting further evolution. If rumors are accurate, the firm is already working on a new MIX series release, which would even further advance the folded screen technology, prolong the batteries, and hinge designs. This would reiterate Xiaomi as a leading force in the foldables market.
China’s Foldable Phone Market: Key Competitors
While Huawei remains on top, Honor, Samsung, and vivo firmly occupy the remaining leading positions. Second place, Honor had balance IN both horizontal and vertical folding, which gave way to balance shipments of its products. Samsung, even though it’s the global foldable phone leader, ranked fourth in China with 7.7% market share because its new generation of foldable phones launched during the third quarter of this year.
While offering just a single foldable product line, vivo retained fifth place in the foldable market. This fulfills the fact that a couple of players dominate the foldable market, and only a small part of the market share is occupied by other brands like OPPO, Lenovo, and ZTE.
Performance of Xiaomi in the Broader Smartphone Market
But that is not all in relation to Xiaomi’s growth, exclusively in the foldable phone category. Per the most recent IDC report for Q3 2024, shipments in China’s smartphone market reached about 68.78 million units, with a year-on-year increase of 3.2%. Xiaomi, being in the top five among the major smartphone manufacturers in China, has continued the streak of growth in the home market for several quarters now. According to IDC, during Q3 2024, vivo led China’s smartphone market, followed by Apple and then Huawei, Xiaomi, and Honor. The five brands in total took up 78.9% of the total market share. Xiaomi’s domestic market shipment has risen for the fifth consecutive quarter; in the third quarter of 2024, it reached a market share of 14.8%, placing the brand fourth overall within the Chinese smartphone market.
The path ahead for Xiaomi. Innovate and expand.
Moving forward, in both foldable and non-foldable devices, Xiaomi will continue to develop innovative technologies. The upcoming launch of the Xiaomi 15 Series, coupled with HyperOS 2, is likely to further push the expansion of the company’s high-end smartphone business. With newly developed HyperCore kernel technology and packed with other advanced technologies, the company endeavors to ensure superior performance, security, and user experience for all products. While the foldable phone market perhaps has slowed down in their growth, at this strategic position, Xiaomi continues to work on product development in these gadgets. Whether through innovations in foldable technology or competitive pricing, among others, or with the most advanced software enhancements, Xiaomi remains at the front line in shaping the future of smartphones that shape China.
While the foldable phone market in China may be at its more measured growth stage now, Xiaomi’s rising into the top three in foldable manufacturers surely points to the brand’s resilience and adaptability. Meanwhile, Xiaomi has not been relenting in expanding its portfolio with foldable and traditional smartphones, set to further make its place stronger in the Chinese mobile market. And besides, with the addition of launching events like the Xiaomi 15 Series and HyperOS 2, it situates Xiaomi for such success to be furthered well into 2024 and beyond.
