SINGAPORE - Iconic in the early 2000s when sleek and chic flip phones were all the rage, foldable phones are once again steadily rising in popularity as users buy into the nostalgic design.

Some use the phone as a tripod to take photos and videos of themselves. Others find convenience in reading notifications on a mini-screen without having to flip open the phone.

In 2022, some 14.2 million foldable phones were shipped globally, according to data from two market research firms, IDC and Canalys. This is a 60 per cent increase from nine million phones in 2021. The market is expected to continue its upward climb to 21.4 million units globally in 2023.

Sales of foldable phones, which are priced between $1,200 and over $2,000, comprised 1.2 per cent of the global smartphone market in 2022. In Singapore, demand for these premium foldable devices is slightly higher, accounting for 3.2 per cent of the overall local smartphone market.

“Foldables will grow in the upcoming years as more competition drives improvements in prices, design, reliability and awareness,” said Mr Bryan Ma, vice-president of device research at IDC.

Similarly, Canalys predicted that foldable phone shipments will double to over 30 million in 2023, as new vendors seek to enter the market.

One of the new players is Google. On Wednesday, Google announced pre-orders for its first foldable phone, the Pixel Fold. The phone is not available in Singapore.

Other device makers eyeing a slice of the foldable space is Huawei, which will be selling its latest foldable model, the Huawei P60 Pro, from May 20.

Oppo, too, released its latest foldable, the Oppo Find N2 Flip, in March.

According to IDC, Samsung holds the lion’s share of the foldables market at 79 per cent, followed by Huawei (12 per cent) and Oppo (3 per cent).

Mr Dennis Jang, president of Samsung Electronics Singapore, said the South Korea-based phone maker sold nearly 10 million foldable devices globally in 2022.

Foldable phone stalwart Samsung restarted the flip phone trend in 2019, with the Samsung Galaxy Fold which opens to a 7.3-inch tablet-size display. When folded, the phone’s display is smaller at 4.6 inches. It sold for $3,088.

While early reviews praised the device for its innovative design, they also criticised it for its lack of durability and susceptibility to damage. Samsung has tweaked its design since, and launched new iterations under its Samsung Galaxy Z Fold series as well as the Galaxy Z Flip series.

Unlike the Z Fold, the Z Flip series folds in a clamshell design. Retailing at just under $2,000 when it was released in February 2020, the Z Flip proved more successful than its predecessor, dominating the foldables market both locally and abroad.

Student Chen Zeyuan, 21, who owns a Samsung Z Flip 3, cited nostalgia as one of the reasons for his purchase. “I grew up with flip phones – one of the first phones I had back in primary school was a flip phone,” he said.

Mr Chen also said that the smaller front screen allows him to check notifications, set timers and take selfies without having to actually unlock his phone. “It prevents me from wandering to the nearest social media app.”

Education tech start-up founder Joshua Tan, 23, said he was attracted to the idea of a phone that could flip open after seeing several of his friends use the device. He bought a Samsung Z Flip 4 in March. 

“I use it to take more selfies and photos than I previously would have,” said Mr Tan. “It just feels more rewarding and fun to take photos with your friends and family with an on-demand phone stand of sorts.”

But demand for these premium items will remain niche due to the high price point, said analysts.

One of the key factors keeping costs high is the material cost and manufacturing process behind the production of the foldable phones, said Mr Chiew Le Xuan, an analyst with Canalys. 

However, as more competitors seek to enter the foldables market, the prices of foldable phones are expected to come down. For instance, Oppo opened pre-orders for the Oppo Find N2 Flip in March at $1,299, making it one of the least expensive foldable phones on the market. 

In its projections for 2027, IDC predicted that foldable phones would take an increasingly larger share of the smartphone market, coming up at 3.5 per cent, up from the current 1.2 per cent, signalling the possibility of wider adoption.