The global foldable phone landscape is poised for a shakeup in 2024, with two major players reportedly set to exit the scene. According to a recent report from South Korea, Oppo and Vivo have decided to abandon the foldable phone market. While Kenyans never had a chance to experience any of Vivo’s foldable greatness locally, the Oppo Find N2 Flip was unveiled in the country last year, the company’s first and only foldable smartphone to grace the local market.
This news comes amidst a flurry of activity in the foldable space. Huawei is reportedly planning a counteroffensive with a dual-hinged phone aimed at challenging Samsung’s dominance. Meanwhile, Samsung itself is rumored to be working on a rollable phone or a dual-fold device of its own. Heck, Apple, which has managed to stave off the foldable hype since it started half a decade ago, is also planning to release a foldable phone, although iOS users may have to wait a couple more years.
Oppo and Vivo’s exit is a significant development, as both companies were considered serious contenders in the early days of foldables. However, their market shares reportedly dropped significantly in 2023, leading them to conclude that the segment wasn’t profitable for them. This leaves Samsung in a strong position, with Xiaomi and Honor as the closest competitors. Tecno is also making some waves in emerging markets with its relatively affordable foldable offerings. Google, with its Pixel Fold, remains a wildcard, with its future foldable plans unclear.
While Samsung continues to dominate the foldable phone market with the Galaxy Z Fold and Galaxy Z Flip series leading the pack, the exit of Oppo and Vivo is a testament to the challenges manufacturers are facing in this rapidly evolving smartphone industry. You can’t label either of Oppo or Vivo as a small company, so finances might not be the problem here. But the fact that they’re exiting this segment suggests foldable phones are not in huge demand perhaps owing to their crazy price tags. This should also explain why Apple has refrained from joining the foldable smartphone market despite having more than enough resources at their disposal.
As things stand, the future of foldable smartphones remains uncertain, with only a select few poised to lead the charge in shaping this new market.
