Samsung is trying to bet on a foldable phone. Samsung topped the list of smartphone sales last quarter but lost 3% market share. However, the South Korean-based technology giant is moving forward to retain the top spot with foldable phones and expand.

They are even going to take aggressive decisions like reducing the price of foldable phones to increase sales. In the meantime, the new design of the smartphone has caused a stir among the users. The company hopes that the low-cost, sustainable phone will be the centre of attraction for customers.

Samsung has recently unveiled two new foldable smartphones in the market. It can be used as a phone in foldable condition and as a tablet in unfolded position on the stand.

The largest device, the Galaxy Fold 3, uses a 6.8-inch display. It costs 1,600$, which is 10% less than last year’s model. The other device, the Galaxy Flip 3, looks like a flip phone, but if you open it from a clamshell, it will turn into a 6.8-inch display phone. Its market value is 1,000$, which is 25% less than last year’s original model.

In addition to the new phone, Samsung has also unveiled the first smartwatch using Tandem, jointly developed with Google. The two technology giants are working together to compete with Apple in the wearable market.

In 2019, Samsung introduced the first foldable smartphone in the market. Since then, the technology of smartphones in this category has started to change. The company has taken this initiative to force customers to buy new phones instead of holding old ones.

However, the foldable phone did not have much impact on the smartphone market. According to the International Data Corporation (IDC), only 2 million foldable smartphones were delivered last year. Last year, a total of 1.3 billion units of smartphones were sold in the world. As such, the rate of foldable smartphones is negligible, according to IDC.

IDC analyst Nabila Popal said sales of foldable phones have declined due to higher prices. As a result, most people don’t see much need to use it. At least no one will spend an extra 1,000 just for folding.

PayPal thinks that the initiative that Samsung will take to reduce the price to increase the sales of foldable phones is still beyond the spending limit for most consumers. For this reason, the International Data Corporation (IDC) estimates that the market for foldable smartphones will not exceed 60 to 70 lakh this year.

In addition to the high price, consumers have scepticism about how durable, foldable phones are. Due to this problem, the company launched the first foldable smartphone in 2019. Still, due to the display swelling and flickering problems, the company is far behind.

The two new smartphones that have been launched in the market, Samsung is said to have used more strong glass in the construction and water-resistant coating in it. As a result, the phone will be safe for a long time.

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