The bending smartphones come with a hefty pricetag and can be preordered in some countries.
Samsung unveiled two new foldable smartphones on Wednesday even though these bending phones have yet to take off among customers.
The displays on the Galaxy Z Flip 5 and Galaxy Z Fold 5 are larger than previous folding phones and have more advanced cameras with crisper visuals, according to Samsung.
The company also said they had more features for work, text and video chats as well as movies and games.
They are slightly sleeker and lighter than previous versions of Samsung's foldable smartphones but are designed to be more durable and shock resistant.
The phones can be pre-ordered but come with a high price tag starting at €1,199 for the Galaxy Z Flip 5 and €1,899 for the Galaxy Z Fold 5.
TM Roh, Samsung Electronics mobile head, said in a statement that the foldable smartphones offer "an experience people want that they can't get on any other device".
Optimism about foldable phone industry
Samsung, a South Korean technology giant that’s also a major producer of computer memory chips, has been the longest provider of folding phones.
It released its first devices in 2019.
The company announced the new phones at a lavish product event in South Korea’s capital, Seoul, choosing one of the markets where folding phones are closer to being mainstream products than novelties.
There’s optimism in the industry that the global market for foldable phones is beginning to grow at a faster pace with other vendors like Google, Motorola and Huawei now providing competition to Samsung.
According to Counterpoint, a technology market research firm, global shipments of foldable phones will approach 19 million units in 2023.
This would mark a 45% increase from 2022, mainly fueled by rising consumer demands in China.
The shipments may exceed 100 million units by 2027, Counterpoint said in a report released on Wednesday, but that projection was based on the idea that Apple would eventually release a foldable iPhone.
Apple, which closely competes with Samsung for the top spot in global smartphone shipments, has yet to confirm any plans for foldable devices.