In an effort to challenge Apple’s dominance in the premium market, Samsung Electronics launched its newest Samsung foldable smartphones while maintaining pricing at around the same level for the past three years.
Jene Park, senior analyst at Counterpoint confirmed the development in a statement on Wednesday.
The leading smartphone manufacturer in the world created the market in 2019, anticipating that it would appeal to users seeking a larger screen to view content while maintaining a small total phone size.
According to research firm Counterpoint, Samsung foldable phones are still a limited product category that only accounts for 5% of the worldwide premium smartphone market, despite having expanded significantly from 0.3% in 2019.
According to market analysts, Samsung, the market leader in the area with 63% of the market in the first quarter, wants to quicken the growth trajectory with aggressive pricing and a quicker rollout.
“Competition with Apple’s iPhone 15 series is inevitable. Consumers of foldable products are expanding from early adopters to general users, in particular… in China and Western Europe,” said Park.
The company on Wednesday priced its new clamshell Galaxy Z Flip5 at $999.99, and the wide Galaxy Z Fold5 to start at $1,799.99 in the United States, the same as the launch prices of the last two years’ models.