Seoul, Apr 2 (IANS): As more players like Xiaomi enter the niche segment, Samsung has lowered the price of its latest foldable smartphone, the Galaxy Z Fold2, in an effort to popularise the foldable smartphone category.

The ex-factory price for the Galaxy Z Fold2 5G, which was launched last September, has been set at $1,675 in South Korea, down from $2,125, according to people in the mobile industry.

The ex-factory price, or list price, refers to the selling cost of goods from the manufacturer's plant before distributors sell products to their customers.

Last month, Samsung lowered the list price of the Galaxy Z Flip 5G, a clamshell-type foldable smartphone, to $1,196 from $1,463.

Industry insiders said the latest price cuts from Samsung are part of its efforts to enhance accessibility to its foldable smartphone products, so that more people can experience and buy its Galaxy Z devices, reports Yonhap news agency.

Samsung, the world's largest smartphone producer, is expected to release new foldable smartphone models with lower price tags and diversify its lineup to popularize to boost sales.

Industry observers speculate that Samsung could add a budget model of the Galaxy Z series, with some expecting the South Korean tech giant to introduce a double-folding smartphone to its portfolio.

Samsung was the dominant player in the global foldable smartphone market last year, accounting for an 87 per cent share on a unit basis, according to market tracker Display Supply Chain Consultants (DSCC).