New Delhi, Feb 18 (IANS): The foldable phone shipments is likely to reach 27.6 million units in 2025 with a compound annual growth rate (CAGR) of 69.9 per cent, a new report has said.

Foldable phones will reach a market value of $29 billion in 2025, forecasts the International Data Corporation (IDC).

The worldwide shipments of foldable phones, inclusive of both flip and fold form factors, reached a total of 7.1 million units in 2021 -- an increase of 264.3 per cent over the 1.9 million units shipped in 2020.

The growth in 2021 can largely be attributed to Samsung's recent success, as the Korean giant made waves in the market thanks to its newest foldable flagships, the report said.

"The recent success of the foldable devices from Samsung has given new life to the category as competitors rush to enter the market," said Anthony Scarsella, research manager with IDC's Worldwide Quarterly Mobile Phone Tracker.

"Thanks to its foldable devices, the Flip and the Fold have filled the Galaxy Note gap for Samsung while attracting new consumers to the brand," Scarsella added.

The new design of the Flip3 was a winner for consumers thanks to its compact folding size (pocketable), larger second display and, most importantly, its $999 price tag.

The new Fold3 also saw vast improvements but remains much higher in price and more of a niche product overall.

Despite their small market share, foldables represent a major opportunity for vendors.

The commercial segment has also seen foldables being marketed as a replacement for both a phone and a tablet.

"We have already witnessed other vendors launching new foldables this year, and we expect more players to attempt to take share away from Samsung as the form factor grows in popularity," said the IDC.