Canalys, a leading global technology market analyst firm, posted a report with some bold predictions for the future of the foldable smartphone market. The early forecast suggests a yearly shipment rate of 30 million foldable handsets in 2024 resulting in a compound annual growth rate (CAGR) of 53% between 2021 and 2024.

Canalys expects the average selling price (ASP) of foldable smartphones to drop in half from 2019 values to around $1,000 in 2024.

Foldable Phones Will Become Extremely Popular in 2 Years: Canalys

The foldable segment saw a growth of 148% on a per-year basis for 2021 with an approximated total of 8.9 million shipments. While the regular smartphone market grew by 7 percentage points for the same period.

Premium Android phone shipments have seen an 18% decrease compared to 2019. Android makers will likely try and ramp up demand with new foldable devices to keep up with Apple, which saw an increase of 68% in the same period.