Samsung has set big foldable sales target for 2023

Samsung is expecting foldable sales to jump significantly this year. The company has reportedly set an internal target to sell 1.3 times more foldable smartphones in 2023 than it did in 2022, which would be a 30% annual growth. The Korean behemoth discussed this target during the ongoing global strategy meetings of its senior executives. It is gearing up to launch the Galaxy Z Fold 5 and Galaxy Z Flip 5 next month.

“We have set the sales target for foldable devices this year at approximately 1.3 times higher than last year,” Twitter tipster @Tech_Reve quoted an unnamed person who participated in the meeting. The tipster added that Samsung’s internal assessment of the Galaxy Z Flip 5 has returned a “significant amount” of positive feedback. The improvements this year’s clamshell foldable brings over its predecessor should help in driving sales. Flip models have always sold in higher numbers than the Fold.

Samsung is eyeing big growth in foldable sales in 2023

Samsung has been the undisputed king of the foldable market so far. But that’s largely because it never faced stiff competition globally. Apart from China, the Korean firm has had a near-monopoly in this niche pretty much everywhere. That may not be the case this year, though. Most Chinese vendors are going global with their foldable phones in 2023, while Google is also entering this market.

However, Samsung is still eyeing big growth this year. In February, the company’s mobile chief said that its foldable sales will grow double digits in 2023, with total shipments crossing 15 million units. According to research firm Canalys, the Korean behemoth sold 12 million foldable devices in 2022. So that would mean about a 30% growth in foldable shipments this year. It has stuck to the target despite the economic uncertainties.

Samsung won’t be the only company selling more foldable phones this year, though. The market itself is estimated to double in 2023, reaching 30 million shipments globally. If the Korean company manages to achieve its target, then it would capture about 50% of the company. As many as nine brands are expected to compete for the remaining 50%, including Huawei, Honor, OPPO, Vivo, Tecno, Google, OnePlus, Motorola, and Xiaomi.

Notably, Samsung’s foldable market share would drop from 80% in 2022 to 50% in 2023. But that isn’t because of weaker demand for its products but because of growing competition. The upcoming Galaxy Z Fold 5 and Galaxy Z Flip 5 will bring a handful of upgrades over their respective predecessors, including a redesigned hinge. Time will tell whether they help Samsung hit its foldable sales target for 2023.