Wu Shuyuan, a senior analyst at Beijing-based market research firm Sigmaintell, said global shipments of foldable smartphones are expected to rise 173 percent this year to about 11 million units.

Foldable sales, however, might be hampered by supply chain disruptions, high costs and sub-optimal hinges of the mechanical design that allows the flexible panel to fold and unfold. This could reduce foldables to a market niche, Wu said.

"Sales will witness an explosive growth if the price falls below 8,000 yuan, which mainly depends on the maturity of the entire supply chain."

Last year, Chinese smartphone maker Huawei Technologies Co unveiled the Mate Xs, its second-generation folding screen smartphone.

For its part, US-based Motorola rolled out its premium 5G-powered foldable mobile phone Razr in September. Priced at 12,499 yuan ($1,932), the gadget can fold to the size of a wallet and fit in pockets or bags.

Meanwhile, Royole Corp, a Shenzhen-based startup developing flexible screens, launched its second-generation bendable phone. Priced at 9,988 yuan, the FlexPai 2 is the first 5G flexible phone to cost less than 10,000 yuan.

According to a research report from Strategy Analytics, a market research firm, global foldable smartphone shipments will grow to 100 million units by 2025. It predicted foldables will be the fastest-growing segment in the premium smartphone market for the next decade.

The R&D and mass production of foldable phones depend heavily on panel manufacturers. Zhang Yu, vice-president of BOE Technology Group, said the price will likely drop to around 10,000 yuan this year as major screen panel companies have scaled up their production capacities. Also, material costs are expected to plummet in two years.

"The foldables have low display yields and higher design costs as of now. Consumers need to spend more to buy foldable smartphones that have the same configurations compared with other phones," said Jia Mo, an analyst at Canalys, a market research company.