On July 10, Samsung Electronics (005930.KS) hosted the "Galaxy Unpacked" event at the Louvre in Paris, officially launching the new foldable phones Galaxy Z Fold 6 and Galaxy Z Flip 6, as well as its first smart ring, the Galaxy Ring.

Samsung Electronics President Roh Tae-moon expressed confidence in the sales prospects of the new foldable phones, aiming for a sales growth exceeding 10% compared to the previous generation.

The Galaxy Z Fold 6 and Galaxy Z Flip 6 are the lightest and thinnest foldable phones Samsung has ever produced, equipped with Qualcomm's (QCOM.O) latest Snapdragon 8 Gen 3 for Galaxy processors.

Additionally, Samsung has optimized these devices for artificial intelligence (AI) operations, incorporating its proprietary Galaxy AI technology to provide features such as generative AI quick photo editing and real-time translation during calls, significantly enhancing user experience.

Since Samsung introduced the world's first foldable smartphone in 2019, the Galaxy Z series has become synonymous with foldable screen phones. Chinese brand Huawei (002502.SZ) has also actively competed with Samsung by launching its Mate X series foldable phones.

According to market research firm Counterpoint, the global foldable smartphone market has grown rapidly with the adoption of 5G technology.

In the first quarter of 2024, global foldable phone shipments increased by 49% year-on-year, marking the largest increase in the past six quarters. Huawei's market share in the first quarter reached 35%, a significant rise from the same period last year. In contrast, shipments of Samsung's Galaxy Z series fell by 42% year-on-year, with its market share dropping significantly from 58% to 23%.

Amidst the increasingly competitive global foldable phone market, Samsung strives to maintain its leading position by launching lighter and more technologically innovative foldable phones. With the growing market demand, whether the company can achieve its anticipated sales growth target remains to be seen.