Samsung Electronics unveils new high-end foldable phones

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Samsung Electronics unveils new high-end foldable phones

SEOUL Reuters -- Samsung Electronics unveiled its latest high-end foldable phones on Wednesday, keeping prices at the same level as last year's in a bid to cement its leadership in an expanding niche market.

The smartphone maker priced its clamshell Galaxy Z Flip 4 at $999.99, and the 5 G-enabled top-line Galaxy Z Fold 4 with a 7.6 inch main screen to start at $1,799. The launch prices of the models last year were the same as 99 in the United States.

"We've successfully transformed this category from a radical project to a mainstream device lineup enjoyed by millions worldwide," said TM Roh, president and head of mobile experience at Samsung Electronics.

The Galaxy Z Flip 4 and Z Fold 4 along with its latest earbuds, Galaxy Buds 2 Pro, will be available starting August 26 in select places, such as the United States, parts of Europe and South Korea.

Counterpoint Research forecast that global shipments of foldable phones will grow to 16 million units this year, just 1.2% of the 1.36 billion smartphone shipments forecast, but a jump from 9 million foldables shipped last year.

Although the overall smartphone market is shrinking this year as consumers spend less, foldable phones are likely to fare better, as their quirky form factor, large screens and portability attract interest, analysts said.

In the first half of 2022, Samsung held a 62% market share in foldable phones, followed by Huawei at 16% and Oppo at 3%. The share of Samsung will be around 80% in the second half after the new releases.

In the second half, Samsung said it is aiming for foldable phone sales to surpass that of its previous flagship smartphone, the Galaxy Note.

Samsung has helped differentiate itself by folding its foldables. The company said that Apple will be the key competitor in the future and we expect a foldable from Apple in either 2024 or 2025.

Samsung said the latest models make it easier for phone owners to use popular apps such as Instagram and Microsoft's Outlook.