New Delhi, Apr 10 (IANS): Foldables smartphones in the price range of Rs 60,000 to Rs 75,000 are expected to grow five times by 2026 in India, a new report said on Monday.

According to CyberMedia Research (CMR), the year 2023 will witness the rise of a new breed of foldable smartphones in the price range of Rs 60,000 to Rs 75,000, accounting for potentially 10 per cent of the overall foldable smartphone market.

"With growing adoption of foldable smartphones, and increasing competition amongst OEMs, the average selling price (ASP) for foldable phones is anticipated to drop further by 12-15 per cent in 2023. CMR estimates posit to the Rs 60,000-75,000 price bracket to be the sweet spot for OEMs," said Menka Kumari, Analyst- Industry Intelligence Group (IIG), CyberMedia Research.

The report said that the overall growth in foldable smartphone shipments will contribute to further growth momentum for the premium smartphone market.

In 2023, the overall foldable market will grow over 65 per cent (year-over-year), despite macro headwinds.

Samsung will continue to enjoy a lead growth momentum in the foldable segment, according to the report.

"Until now, Samsung has been steering foldable market growth. The Samsung Galaxy Z Fold and Galaxy Z Flip have continued to gain consumer acceptance, and especially, the latest, fourth generation models. With increasing technology and market maturity, the foldable market is potentially poised for massification," said Shipra Sinha, Analyst- Industry Intelligence Group (IIG), CyberMedia Research.

Further, the report said that 8 in 10 smartphone buyers were positive and open to factoring in a foldable phone in their future smartphone purchases.

With each passing generation of foldable phones, consumer confidence has increased owing to greater device durability, especially the hinge (58 per cent), and features, such as water and dust resistance (45 per cent).

In the previous annual foldable phones report, four in every five consumers pointed to being concerned by pricing.