Samsung's New Foldables Post 30% Sales Growth as Apple Enters the Market

Samsung appears to be maintaining a strong position in the foldable smartphone market as Apple prepares to enter the category.

Samsung's latest Galaxy Z Fold 8 and Z Flip 8 smartphones are posting strong early sales as competition in the foldable market intensifies. [Photo: Samsung]

The Korean electronics company has been selling foldable smartphones for seven years, and sales of its newest Galaxy Z Fold 8 and Z Flip 8 devices are up 30% by volume year over year, according to figures Samsung provided exclusively to Fortune.

The latest models launched in July. Samsung's reported sales growth comes despite higher prices for the new devices, partly because of increased memory costs.

Dave Das, who heads Samsung's mobile business in the United States, said foldables are attracting new customers who are curious about the category while also encouraging existing foldable users to upgrade more frequently.

Samsung said the number of new customers who previously owned smartphones from competing brands is 25% higher among foldable buyers than among buyers of conventional bar-style phones.

Despite the growth, traditional smartphones still account for the majority of Samsung's handset sales. Das said the foldable category is growing much faster and has become a significant part of the company's mobile business.

Industry data also shows that foldables remain a relatively small portion of the global smartphone market.

Counterpoint Research has estimated that foldables represented less than 2% of global smartphone unit sales last year, although the category is expected to expand.

The strong early sales of Samsung's latest foldables come as Apple prepares to enter the segment, potentially intensifying competition in a category Samsung has helped develop.