Samsung Electronics Co. is enjoying a dominant position in the foldable smartphone market, alongside the segment's explosive growth aided by affordable models, according to the market tracker Omdia.
In 2021, global shipments of folding smartphones soared by 309% on-year to 9 million units. Samsung, the world's largest smartphone maker, accounted for 88% of the shipments.
"To compete with the rapid progress of Chinese OEMs (original equipment manufacturers) and Apple within the premium market, Samsung chose to bet on its foldable smartphones," Omdia analyst Zaker Li said in a research note released early this week.
The South Korean brand's dominance in the foldable smartphone market compensated for the declining sales in its flagship smartphones such as the Galaxy S and Note series, he added.
Of the total shipment in 2021 of 9 million foldable smartphones, 89% or 8 million units were sold in the second half.
Among the nine foldable smartphone models Samsung has released since 2019, Galaxy Z-Flip 3 became the world's largest foldable smartphone model, followed by the Galaxy Z Fold 3.
The Z-Flip 3 is an upgraded model in terms of design and hardware compared with its predecessor launched in 2020, but carries a lower price tag. It accounted for 52% of the foldable smartphone market last year.
The second-most shipped foldable smartphone in 2021 was the Galaxy Z Fold 3, taking up 28% of shipments.
Huawei is the second-largest OEM in the foldable smartphone market, with a 10% market share.
About 1,600 individual shareholders attended Samsung Electronics' 2022 AGM, about double the number of the previous year In the second half of this year, Samsung is preparing to launch new models with enhanced durability and usability.
At an annual general meeting on Wednesday, Samsung’s Vice Chairman and Co-CEO Han Jong-hee apologized for customers' complaints about the limited performance of its latest flagship smartphone series Galaxy S22.
Galaxy S22 users claimed a game optimizing service (GOS), a pre-installed app, limited the performance of numerous other apps on the phones and they should have a choice to remove the app.
When a shareholder asked the company's management whether they were willing to apologize for the issue relating to the GOS app, Vice Chairman Han walked up to the podium and bowed in apology.
Write to Sung-Soo Bae at baebae@hankyung.com Yeonhee Kim edited this article.
