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Samsung is reportedly aiming to double its foldable sales next year. According to the Korean media, the company has set a target of selling 20 million foldable smartphones globally in 2024. Its foldable shipments are expected to just cross 10 million units this year.
Samsung failed to achieve its foldable sales target for 2023
The Korean tech giant has been making foldable smartphones since 2019. The market had no competition in the first few years but that changed in 2023. As many as ten companies launched foldables this year. A growing competition, coupled with a global economic slowdown, affected the sales of Galaxy foldables.
While the annual sales of Samsung’s Z-series phones surpassed the now-discontinued Note series this year, the firm failed to achieve its foldable sales target. It originally aimed to ship more than 15 million units of the Z Fold and Z Flip series phones combined, with the fifth-gen models selling around 10 million units.
However, according to The Elec, Samsung may only manage to ship a total of 10 million foldable smartphones this year. The Galaxy Z Fold 5 and Galaxy Z Flip 5 will account for seven million of those, with older models making up the rest. Two months after the launch of the new models, the company’s foldable inventory is said to be higher than expected. It shows poor sales amid an economic slowdown.
If this information turns out to be accurate, Samsung is failing its foldable sales target for 2023 by a huge margin. It’s only selling about two-thirds (66 percent) of its initial estimates. On the bright side, The Korean firm expects to bounce back as early as next year. Despite the arrival of new players in the foldable market, the company is aiming to double the sales of its Z-series devices in 2024.
Samsung needs to improve its foldables to fend off the competition
The new report doesn’t break down the estimated share of the sixth-gen models and the older ones. However, it says that the Korean behemoth plans to sell a total of 20 million foldables next year. It may be expecting the Galaxy Z Fold 6 and Galaxy Z Flip 6 to account for at least 60 percent of the total sales.
However, to achieve that, Samsung needs to improve the new foldables. Other firms have lowered the price point and made the devices thinner. The Korean company must match these innovations to maintain its lead in the market. Time will tell whether it manages to hit its foldable sales target for 2024.
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