Samsung is launching its new foldable smartphones as it seeks to maintain its leadership in the growing market

SEOUL, Aug 10 (Reuters) – Samsung Electronics (005930.KS) unveiled its latest high-end foldable smartphone on Wednesday, keeping prices at last year’s levels to cement its leadership in the expanding niche market.

The smartphone maker has priced its clamshell Galaxy Z Flip4 at $999.99 and the top-of-the-line 5G-enabled Galaxy Z Fold4 with a 7.6-inch main screen at $1,799.99 in the US, similar to last year’s selling prices.

“We have successfully transformed this category from a radical project to a mainstream device line used by millions of people around the world,” said TM Roh, President and Head of Mobile Practice, Samsung Electronics.

The Galaxy Z Flip4 and Z Fold4, as well as their latest earbuds, the Galaxy Buds2 Pro, will be available from August. 26 in select locations such as the US, parts of Europe and South Korea.

Counterpoint Research predicts that global shipments of foldable smartphones will grow to 16 million units this year, just 1.2% of the forecast of 1.36 billion smartphone shipments, but a jump from the 9 million foldable smartphones shipped last year.

While the overall smartphone market will shrink this year as consumers spend less, foldable smartphones will fetch better prices as their unusual form factor, large screens and portability attract interest, according to analysts.

Samsung had 62% of the foldable smartphone market in the first half of 2022, Huawei 16% and Oppo 3%. Counterpoint forecasts that Samsung’s share in the second half will be around 80% after new releases.

Samsung said that sales of its foldable phone in the second half are on track to outperform its former flagship smartphone, the Galaxy Note. read more

“Foldable devices have helped Samsung differentiate itself…Apple will be Samsung’s main competitor in the future, and we expect a foldable device to be released by Apple either in 2024 or 2025,” said Jene Park, senior analyst at Counterpoint.

Samsung said the latest models make it easier for phone owners to use popular apps like Instagram and Microsoft (MSFT.O) Outlook.

Reporting by Joyce Lee. Edited by Gerry Doyle

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