Samsung Electronics has unveiled two new foldable smartphones, the Galaxy Z Flip4 and Galaxy Z Fold4, in Beijing in a bid for a bigger slice of pie in the world's largest smartphone market.

Priced from 7,499 yuan ($1,086.6), the 5G-enabled Galaxy Z Flip4, featuring an upgraded camera experience and a longer-lasting battery, can fold into the size of a wallet and fit in most people's pockets or bags, while the Galaxy Z Fold4 serves as a tablet when fully opened and becomes a phone when closed.

The Galaxy Z Fold4 is equipped with a 7.6-inch main screen and a 120 Hz adaptive refresh rate, providing a professional shooting experience for users.

Global foldable smartphone shipments this year will likely grow 73 percent year-on-year from 9 million units in 2021 to 16 million units, and are expected to continue to see robust growth next year. The figure is projected to rise to 26 million units in 2023, according to a new report from market research company Counterpoint Research.

Foldable smartphones are still the fastest-growing smartphone product category this year, and the strong growth defies current economic headwinds as the high-end phone market shows resilience and steady demand, said the Counterpoint report.

South Korean technology giant Samsung Electronics took the dominant position in the global foldable smartphone segment in the first half of the year. Its market share stood at 62 percent, followed by Huawei (16 percent) and Oppo (3 percent).

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