South Korean tech company Samsung Electronics unveiled on Thursday night two new foldable smartphones, the Galaxy Z Flip5 and Galaxy Z Fold5, in China, in a bid for a bigger slice of the pie in the world's largest smartphone market.

Priced from 7,499 yuan ($1,046.4), the Galaxy Z Flip5, which features a larger cover display and more advanced cameras, can fold into the size of a wallet and fit in most people's pockets or bags.

Starting at 12,999 yuan, the Galaxy Z Fold5 serves as a tablet when fully opened and becomes a phone when closed. The two devices are thinner and lighter than previous models.

Global shipments of foldable phones are projected to reach 101.5 million units in 2027 from 18.6 million units in 2023, according to a new report released by market research company Counterpoint Research.

The consultancy said regional drivers, especially in China, combined with growing consumer willingness to buy foldable devices will help keep shipment growth buoyant.

At the moment, foldable phones remain niche but it is an important segment for brands looking to maintain leadership in innovation and a premium market presence, said Tom Kang, research director at Counterpoint.

fanfeifei@chinadaily.com.cn