Samsung may start making entry-level foldable smartphones with prices starting at KRW 1 million (roughly Rs. 61,000) by 2024, as per a report. These entry-level foldable smartphones are said to come with only “core functions” and “advanced features” are claimed to be available in the premium versions of the handsets. The Samsung Galaxy Z Flip 3, which is among the latest foldable smartphones by the South Korean company, was launched at a price starting Rs. 84,999 for the base option.
As per a report published in a Korean publication, (via SamMobile), Samsung Electronics’ Mobile Experience (MX) division has started the development of a low-end, affordable foldable smartphone alongside the Galaxy Z Fold and Galaxy Z Flip. The South Korean company’s strategy is reported to create a foldable smartphone belonging to the ‘Galaxy A’ series of mobiles.
This is not the first time that a report about the Galaxy A series foldable phone has come out. Earlier this year, a report claimed that Samsung might be working on a new affordable foldable, which might launch by 2025 and could be part of the company’s Galaxy A series lineup. However, the latest development suggests that this affordable phone may launch by 2024 allowing the company to solidify its already dominating position in the foldable smartphone market. The South Korean company is said to have captured lion’s share in Q1 2022 even though its share fell from about 90 percent in Q3 2021 to 74 percent share in Q1 2022.
Another reason for Samsung to reportedly prepone the affordable foldable phone could be the huge growth in the foldable smartphone market. IDC reported earlier this year that foldable phone market worldwide grew over 264 percent between 2020 and 2021 and will reach 27.6 million units in 2025 with a compound annual growth rate (CAGR) of 69.9 percent from 2020 to 2025. This was further seen when the foldable smartphone shipments reportedly grew by a whopping 571 percent year-over-year in the first quarter of 2022 to 2.22 million.
Furthermore, Samsung is already facing competition from Chinese players such as Oppo, Vivo, Xiaomi, Motorola, and Huawei in the foldable smartphone space. It is likely to face competition from other big fish including Apple and Google that are rumoured to be developing high-end foldable smartphones.