Samsung Releases New Foldable Smartphones with Aggressive Pricing Strategy

Samsung Electronics, the world’s largest smartphone maker, has once again set its sights on Apple’s market share by launching its latest foldable smartphones on Wednesday. The tech giant introduced the Galaxy Z Flip5 and Galaxy Z Fold5, maintaining the same price range as the previous year for the third consecutive time.

The new clamshell-style Galaxy Z Flip5 comes with a price tag of $999.99, while the wide Galaxy Z Fold5 is priced at $1,799.99 in the U.S. Despite the consistent pricing, Samsung has not compromised on innovation and features in its new devices.

The Galaxy Z Flip5 is now thinner than its 2022 predecessor, thanks to significant improvements in the hinge design. Additionally, Samsung has enlarged the cover screen to 3.4 inches, allowing users to have more interactions with the device. Notably, the front camera’s capabilities have been enhanced, making it easier for users to capture high-quality selfies.

On the other hand, the Galaxy Z Fold5 boasts a 7.6-inch screen and comes with a slimmer and lighter design. Samsung has incorporated a bigger vapor chamber in this model, ensuring better heat management during intensive tasks like gaming or multitasking. Both smartphones are powered by Qualcomm’s Snapdragon 8 Gen 2 chipsets, providing powerful performance and efficiency.

Foldable smartphones have been gradually gaining popularity, although they still constitute only 5% of the global premium smartphone market. Research firm Counterpoint reported that the foldable segment has shown remarkable growth, starting from a mere 0.3% in 2019 and reaching 5% in 2023. Industry analysts attribute this progress to Samsung’s pioneering efforts and its ability to offer larger screens while maintaining the device’s compactness through foldable displays.

During the first quarter of this year, Samsung held an impressive 63% market share, with the company now aiming to accelerate its growth rate through an aggressive pricing strategy and expedited rollout of its latest foldable smartphones.

According to Counterpoint’s projections, global foldable smartphone shipments are expected to reach 19 million units in 2023, marking a substantial increase of approximately 45% from the previous year’s 13.1 million units.

Despite Samsung’s endeavors, Apple continues to dominate the premium smartphone market in a slightly different price segment. In 2022, Apple held a commanding 75% share of the premium smartphone market priced at $600 or above, while Samsung trailed with 16%.

Samsung enthusiasts and tech enthusiasts alike can look forward to getting their hands on the latest foldable phones as they will hit the markets from August 11 in select locations.