SEOUL, Aug 10 (Reuters) – Samsung Electronics ( 005930.KS ) unveiled its latest high-end foldable smartphones on Wednesday, keeping prices at the same level as last year as it seeks to consolidate its leadership in an expanding niche market.
The smartphone maker priced its Galaxy Z Flip4 at $999.99, and the top-of-the-line 5G-enabled Galaxy Z Fold4 with a 7.6-inch main screen to start at $1,799 $.99 in the US, the same as the launch prices of last year’s models.
“We have successfully transformed this category from a radical project to a traditional device line enjoyed by millions of people around the world,” said TM Roh, President and Head of Mobile Experience, Samsung Electronics.
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The Galaxy Z Flip4 and Z Fold4, as well as its latest earphones, Galaxy Buds2 Pro, will be generally available starting August 26 in select locations including the United States, parts of Europe, and South Korea.
Counterpoint Research expects global shipments of foldable smartphones to grow to 16 million units this year, just 1.2% of the projected 1.36 billion smartphone shipments, but a jump from the 9 million smartphones shipped last year.
A Samsung Electronics Galaxy Z Flip 4 foldable smartphone is seen in this undated brochure provided by Samsung Electronics. Samsung Electronics/Brochure via REUTERS
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While the global smartphone market is seen shrinking this year as consumers spend less, foldable smartphones are likely to do better as their unique form factor, their screens size and portability are attracting interest, analysts say.
Samsung had a 62% market share in foldable smartphones in the first half of 2022, followed by Huawei with 16% and Oppo with 3%. Counterpoint forecast Samsung’s share in the second half will be 80% after new launches.
Samsung said it aims for sales of the foldable phone to surpass those of its previous flagship smartphone, the Galaxy Note, in the second half. Read more
“Foldables have helped Samsung differentiate itself…Apple will be Samsung’s main competitor in the future and we expect Apple to launch a foldable 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.
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Reporting by Joyce Lee. Editing by Gerry Doyle
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