Samsung shows off latest foldable smartphone, challenging Apple
Prices near same level for third straight year
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Samsung Electronics released its newest foldable smartphone on Wednesday, at roughly the same price for the third year in a row as the company takes another swipe at Apple for market share.
The company priced its new clamshell Galaxy Z Flip5 at $999.99, and the wide Galaxy Z Fold5 at $1,799.99 in the U.S.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SSNLF | SAMSUNG ELECTRONICS CO. LTD. | 40.5999 | -17.15 | -29.70% |
| AAPL | APPLE INC. | 228.02 | +3.02 | +1.34% |
Samsung built the folded Flip5 thinner than the 2022 model by improving the hinge, while enlarging the cover screen to 3.4 inches, adding more capacity for interactions and an improved ability to take a selfie with the top-line main camera.
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Samsung's 7.6-inch screen Fold5 is lighter and thinner and was designed with a bigger vapour chamber for better heat management when gaming or multitasking. Both models use Qualcomm's Snapdragon 8 Gen 2 chipsets.
Attendees look at Galaxy Z Flip5 and Fold5 phones on display during the Samsung Galaxy Unpacked event in Seoul on July 26, 2023. (Photo by Jung Yeon-je/AFP via Getty Images)
The world's largest smartphone maker pioneered the segment in 2019 on hopes the design would attract customers wanting a bigger screen, while its foldable displays can make the phone more compact.
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Foldable phones make up just 5% of the global premium smartphone market, although the sector has grown rapidly from just 0.3% in 2019, according to research firm Counterpoint.
Attendees walk past a big screen showing the Samsung Galaxy Z Fold5 phones during the Samsung Galaxy Unpacked event in Seoul on July 26, 2023. (Jung Yeon-je/AFP via Getty Images)
Samsung held 63% of market share over the first quarter and is now speeding up its growth rate with an aggressive pricing plan and faster rollout, industry analysts said.
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Global foldable smartphone shipments are projected to reach 19 million units this year, up about 45% from 13.1 million in 2022, according to Counterpoint.
Meanwhile, Apple had a 75% share of the premium smartphone market priced at $600 or above in 2022, versus Samsung's 16%.
Samsung's new foldable phones will be available from Aug. 11 in select markets.
A Samsung Electronics Co. Galaxy Z Fold 5 smartphone and a Galaxy Z Flip 5 smartphone on display during the Galaxy Unpacked event in Seoul on July 26, 2023. (SeongJoon Cho/Bloomberg via)
Reuters contributed to this report.