Samsung needs to double its foldable smartphone sales next year to hit its targets

Foldable smartphone - 2024 sales increases

The company will need to be able to sell about 20 million units of its Galaxy Z phones in 2024.

Samsung has announced a target for its foldable smartphone sales and will need to sell 20 million units of the Galaxy Z in 2024 to be able to reach it.

That target represents a 33 percent increase over the 15 million Galaxy Z phones expected to sell this year.

If Samsung were to reach its set target, it would mean selling 33 percent more Galaxy Z next year than they are expected to sell this year. This won’t necessarily be easy to accomplish. In fact, the challenge next year is expected to be greater than it was this year, as more foldable smartphone models are being released from various brands, including in the United States, where there is now the Google Pixel Fold and the newly introduced OnePlus Open.

Foldable smartphone - 2024 sales increases

The European and Asian markets also have some steep competition, such as the Honor Magic V2, the Xiaomi Mix Fold 2, the Oppo Find N3, the Huawei Mate X5, and others. Moreover, those models represent only the book-style models like the Galaxy Z. The Galaxy Z Flip 5 has competition in the US through Motorola’s two Razr models and in Europe and Asia, there are the Oppo Find N3 Flip, the Huawei P50 Pocket, the Vivo X Flip, and others.

The number of foldable smartphone units Samsung expects to sell next year represents a high figure.

Beyond having to increase its own sales substantially to meet its goal next year, it should also be pointed out that 20 million units – its sales goal for this type of phone – represents the entire total number of sales of book-style phones to be sold this year across all brands.

Still, Samsung does have a strategy up its sleeve. It plans to enhance its sales by slimming down the Galaxy Z Fold 6. The Galaxy Z Flip 5 is currently 13.4 millimeters when folded. Comparatively, the Pixel Fold is 12.1 millimeters and the OnePlus Open is 11.7 millimeters.

However, while Samsung’s target is 15 million this year, some experts are predicting that it will fail to meet its sales of foldable smartphone units by a substantial number, arriving at closer to 10 million units. Should that occur, the company may need to reduce its target for its 2024 sales or risk having to double its 2023 sales to come anywhere close to hitting the mark next year.

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