China's foldable smartphone market sees expansion in 2023

People try foldable phones at the booth of Chinese company Honor during the IFA 2023 in Berlin, capital of Germany, on Sept. 1, 2023. (Xinhua/Ren Pengfei)

BEIJING, Feb. 25 (Xinhua) -- Shipments of foldable smartphones in the Chinese market surged 114.5 percent in 2023 over the previous year, an industry report showed.

Shipment volume of such phones exceeded seven million units last year, marking a year-on-year increase of over 100 percent for four consecutive years, according to the report by global market research firm International Data Corporation.

The report attributed the breakout growth to improved consumer experience and a further decline in prices.

In 2023, foldable smartphones costing 1,000 U.S. dollars or more took 66.5 percent of the market share, down from 81 percent registered in 2022.