An executive from Samsung outlines the significance of the company’s folding phones to its business
Roh Tae-moon, the head of Samsung’s mobile division, recently outlined the financial benefits of folding phones to The Wall Street Journal.
In the article, Roh claimed that three times as many people are switching brands to Samsung’s foldable phones as to its standard Galaxy S models. That indicates that consumers are turning away from other phone manufacturers like Apple, Xiaomi, and Oppo in favor of Samsung.
“We consider this to be a quite meaningful percentage and a positive sign,” Roh told The Wall Street Journal. “This is about switchers from other brands, not Samsung Galaxy device users switching to another Galaxy device.”
Samsung executive explains that foldable phones are so important
Samsung unveiled the latest versions of its foldable phones on Wednesday, the Galaxy Z Fold 4 and Galaxy Z Flip 4. The new phones fold in half. The larger of the two, the Galaxy Z Fold 4, opens up to reveal a screen the size of a small tablet.
Samsung hopes to make the potential brand switcher “mainstream,” according to its most recent earnings statement. It’s aiming for foldable phone sales to surpass that of its past flagship smartphone, the Galaxy Note, in the second half.
Foldable phones continue to be the fastest growing smartphone product category this year, according to Counterpoint Research, which expects foldable phone shipments to grow 73% to 16 million units.
Although no other smartphone manufacturer ships foldables in as many markets as Samsung, Counterpoint discovered that Samsung had a 62% market share for foldables in the first half of this year. In the second half of the year, according to Counterpoint, Samsung will control 80% of the market.