Samsung tries to draw iPhone users to its foldables amid Apple entry

Samsung is hoping to capitalize on renewed interest in foldable phones, luring customers just as Apple enters the market.

Globally, the share of iOS users switching to Samsung’s latest Galaxy Z Fold8 series, launched in July, was 1.6 times that of the previous-generation Galaxy Z Fold7 and Flip7, a Samsung Electronics spokesperson told CNBC. Samsung pioneered the category with its first Galaxy Fold in 2019.

Apple unveiled its first foldable iPhone at a Wednesday launch event, marking one of its first major product introductions under new CEO John Ternus. 

In the U.S., 30% of Galaxy Z Flip8 buyers switched from competing smartphone brands, with most of those customers buying a foldable phone for the first time, the company said. It added that Galaxy Z Fold8 shoppers were particularly drawn to its thin and light design and inner display for multitasking and viewing content, while Fold8 Ultra shoppers favored its expansive screen and additional working space without the need for a separate tablet.

Samsung has also been trying to make it easier for iPhone users to move between the two ecosystems.

The South Korean tech giant recently upgraded its Smart Switch feature, allowing iPhone users to transfer data to a Galaxy device wirelessly by simply scanning a QR code, without installing the Smart Switch app on their iPhone.

Samsung is projected to lead the global foldable smartphone market with a 32% share this year, but the competitive landscape is set to shift, with Apple expected to capture a 25% share as it enters the segment and Huawei remaining a strong player in China, according to data released by Counterpoint Research in July.