BERLIN, Sept. 2 (Korea Bizwire) — The IFA tech trade show, which kicked off Friday in Berlin, has just seen a potentially formidable player in the foldable smartphone segment: HONOR’s Magic V2.
The Chinese device maker said Friday it will launch its latest foldable smartphone overseas, less than two months after the phone’s exclusive release in China.
During a keynote speech at the annual tech show, HONOR CEO George Zhao said the Shenzhen-based company will work toward making foldable phones mainstream, echoing the vision by Samsung Electronics Co., a trail blazer of the form factor.
“HONOR’s foldable smartphones have come a long way, with each iteration showcasing remarkable advancements in design, functionality and durability,” Zhao said.
Indeed, the firm’s new phone took visitors and industry insiders by surprise, with its enhanced features found in a premium smartphone.
Sporting Qualcomm’s Snapdragon 8 Gen 2, the Magic V2 is lighter and slimmer than the Galaxy Z Fold 5, which was launched in July.
Samsung’s fifth generation foldable phone weighs 253 grams and is 6.1 millimeters thick when open and 13.4 mm when closed. The Magic V2 is much slimmer at 4.7 mm and 9.9 mm, respectively.
The Magic V2′s light weight and slim body will certainly be appealing for some people who hesitated to buy one due to the form factor’s usual bulky size.
According to industry tracker Counterpoint Research, the global foldable smartphone market grew 64 percent on-year in the first quarter, largely driven by the growth in the Chinese foldable market.
Huawei led the Chinese foldable market, followed by OPPO, Samsung and HONOR.
Meanwhile, the overall smartphone market declined 14.2 percent on-year during the same period.
Samsung has said it would seek to raise the portion of foldable phones to half of its total smartphone sales by 2025.
Since Samsung first introduced the form factor in 2019, more companies have joined the high-end segment, including Google, which launched its first foldable phone, Pixel Fold, in May.
According to market researcher Canalys, Samsung accounted for approximately 77 percent of foldable phone shipments worldwide last year.
Foldable phone shipments are expected to reach 21.4 million units this year, up more than 50 percent from a year ago, as consumers start to embrace the new form factor, the International Data Corp. said.
By 2027, the figure could reach 48.1 million, it estimated, driven by “a healthy demand for this growing form factor.”