Samsung Electronics’ foldable sales in 2022 has “nearly hit” its initial target of 10 million units, according to the company’s president Roh Tae-moon, who heads its mobile business.

“We targeted 10 million sales of foldables last year and we are nearing it. I think we’ve already reached it,” Roh told the Korean press at a media briefing Friday.

Roh forecast stronger sales in 2023 with the newest Z Flip 5 and Z Fold 5, both of which were showcased at Wednesday’s Unpacked event.

“Considering the initial response to the Z Flip 5 and Z Fold 5, we expect our foldables’ sales to grow on par with the growth of the market,” said Roh.

Foldable smartphone market is estimated to grow by 55 percent his year, according to market tracker TrendForce, shipping 19.8 million units compared to last year’s 12.8 million units.

“This year will be a major tipping point [for foldables]. Samsung Electronics’ accumulated foldable sales will surpass 30 million units in 2023,” Roh said at the briefing.

“Foldables will not be limited to smartphones but be expanded to tablets and laptops. Samsung, as a leader in foldables, will continue to innovate in original technology and core know-how.”

The stakes are high for Samsung Electronics with the latest foldable gadgets.

“One out of three flagship smartphones sold by Samsung Electronics will be foldables this year in Korea,” Roh said.

“Globally, the figure will be 20 percent.”

The Korean tech company is particularly banking on the latest foldable phones, especially the Z Flip series, to expand its market share among the younger generation. Samsung Electronics has been losing significant market share here in Korea to Apple’s iPhone.

“I believe that attracting the younger generation is very important,” Roh said.

“The aim of the Galaxy series is to be loved by all classes and generations. The fact that certain classes prefer rival products is not a good sign. In the Korean market, for example, our team is rolling out studies and  the reason why.”

Roh hinted at a possible low-cost version of the foldable phones.

“One of our pillars in innovation is to achieve price competitiveness via our cooperation with partners,” Roh said.

“When we have achieved something in this area, we are going to manage our portfolio to be optimized for it.”

When asked about its Chinese smartphone business, where Samsung Electronics’ market share at just over 2 percent, Roh said progress has been made.

“Market share in China has increased by quarter as a result of our effort to increase our competitiveness there,” he said.

“We are optimizing local service and content. However, we are just at the beginning stage and we need more time.”

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]