Foldable phones are gaining increasing allure.

On September 9 (Eastern Time), Apple finally launched its first foldable iPhone Duo, after a seven-year wait.

On the announcement day, Apple's stock price saw a slight dip, only to rebound the following day, surpassing the previous day's losses.

Apple's foldable phone has sparked significant interest and discussion.

This mirrors the recent product launches by Huawei and Xiaomi, where foldable phones stole the spotlight among new releases.

In the first half of the year, foldable phones from OPPO, Vivo, and Honor also made significant waves.

The excitement appears to be exclusively reserved for foldable phones.

Considering the entire 2026 smartphone market, traditional straight-screen flagship models offer little in terms of innovation, with disappointing sales of new phones, and the industry is mired in a slump characterized by weak replacement demand.

Only foldable phones are bucking this trend, emerging as the new battleground for all leading manufacturers, with Apple's entry further accentuating this shift.

At the beginning of the year, optimism for the 2026 phone market was low, with expectations of declining sales and surging storage chip prices.

A sluggish year for smartphones has set the stage for a foldable phone boom.

With manufacturers collectively placing big bets, how does this year's foldable phone trend differ from the novelty phase of previous years?

01 Apple Falls Short of Expectations

Apple has finally joined the foldable phone race, albeit as a latecomer and follower.

The foldable model, dubbed iPhone Duo, starts at 15,999 yuan for the Chinese market, with pre-sales commencing in mid-October, marking Apple's foray into the high-end foldable market.

In terms of hardware, the phone boasts a book-style horizontal inward folding design, offering a 7.6-inch large inner screen when unfolded, akin to a small tablet;

when folded, it retains a 5.4-inch outer screen for daily use without the need for frequent opening and closing.

The body is crafted from Grade 5 titanium metal and features a hinge mechanism, powered by an A20 Pro flagship chip, supporting dual-screen multitasking for office work;

the camera setup includes a 48-megapixel main lens and an ultra-wide lens;

to manage thickness and weight, Face ID has been omitted, and some camera hardware has been scaled back.

Overall, it's a decent offering but lacks a wow factor.

However, the price is likely to exceed many expectations, with the 512GB version priced at 17,999 yuan, the 1TB version at 21,499 yuan, and the 2TB version at 26,499 yuan.

Reports from multiple research institutions indicate that initial production of the iPhone Duo will be hampered by component yield issues, failing to meet demand.

Nevertheless, the pricing of this foldable phone places it above any previous iPhone model, clearly prioritizing profit over scale.

Of course, Apple's strategy may be comprehensive, as the highest-end 2TB version of the iPhone 18 Pro Max, also announced that day, reached 21,499 yuan.

No wonder many deem the pricing outrageous.

02 The Logic Behind Foldable Phones

From Huawei's triple-folding, Xiaomi's medium-folding, to Apple's horizontal inward folding, and the versatile large-folding models from Honor and OV in the first half of the year, the industry is no longer dabbling in minor experiments.

All leading manufacturers are collectively betting on foldable phones, which have officially transitioned from a niche novelty to a core growth sector in the smartphone industry.

Despite growing shipments, foldable phones still represent a relatively small proportion of total smartphone shipments.

On September 7, Counterpoint Research predicted that cumulative global shipments of foldable phones would surpass 100 million units by the end of 2026.

It took seven years to reach 100 million units—why are manufacturers so enthusiastic about it?

Firstly, traditional straight-screen phones are on the decline, while foldable phones are on the rise.

Data from the China Academy of Information and Communications Technology reveals that domestic phone shipments fell by 5.5% year-on-year in the first half of 2026, with the number of new phone models launched plummeting nearly 25% year-on-year.

With similar functions and no major innovations, consumers see little reason to replace their straight-screen phones.

Screens, performance, and cameras have been stuck in a homogenized rut for years, with flagship phones remaining smooth for three to four years, extending replacement cycles.

Yu Chengdong and Lei Jun share similar views: the competition in the smartphone market has reached a fever pitch, and simply stacking specifications no longer impresses consumers. Only a form factor revolution can rekindle users' desire to upgrade.

Another key factor is the high premium and profit margins of foldable phones. Even if scale remains limited, profits are substantial.

In 2026, storage chip prices surged, and flagship chips from Qualcomm and MediaTek also saw price hikes, significantly raising overall production costs.

Profit margins for budget phones have been squeezed, rendering the mid-to-low-end market unprofitable.

Counterpoint data shows that the global average price of new phones has risen sharply this year, with high-end models priced above 10,000 yuan becoming the main profit drivers.

Foldable phones are currently the category that can attract consumers.

Investing heavily in R&D, selling one high-end foldable flagship phone generates far more profit than selling ten mid-to-low-end straight-screen phones.

Faced with a cost tsunami, foldable phones have become a safe haven for manufacturers to protect profits.

03 Are Foldable Phones Still Just Big Toys?

Despite being around for over seven years, foldable phones were not previously considered mature products.

In previous years, manufacturers rushed to produce vertical mini-foldables, targeting the female beauty market;

this year, foldable phones are no longer just oversized toys.

Each manufacturer has positioned foldable phones as primary devices for business and office use, with features like split-screen multitasking, document processing, and mobile office scenarios.

Each brand also boasts unique strengths, such as Huawei's triple-folding, Xiaomi's innovative medium-folding, and OV's balanced, all-around models.

Some details are also improving.

New models this year generally weigh around 220g, with large 7,000mAh batteries becoming standard.

At the same time, manufacturers are focusing on waterproofing, durability, and reducing creases, hoping to transition foldable phones from secondary devices to primary ones.

This represents a business strategy that breaks free from traditional frameworks.

In terms of pricing, traditional straight-screen phones no longer dominate the ultra-premium smartphone market; only phones with a transformed form factor can break through the ceiling.

Over the past few years, Huawei has dominated the domestic foldable phone market, capturing over 60% share with its large-folding models.

Apple, though late, is essentially concerned about missing out entirely on the high-end form factor revolution.

So, would you buy a foldable phone priced over 20,000 yuan?