South Korean tech company Samsung Electronics on Wednesday night unveiled two new foldable smartphones, the Galaxy Z Flip5 and Galaxy Z Fold5, in a bid to grab a bigger slice of the pie in the highly competitive smartphone market.

The Galaxy Z Flip5, featuring 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, while 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, with Samsung accounting for the biggest market share, according to a report released by market research company Counterpoint Research on Wednesday.

The consultancy said regional drivers, especially in China, combined with growing consumer willingness to buy "foldables" will help keep shipment growth buoyant. China's foldable market shipments surged 127 percent year-on-year in the first quarter of 2023 to reach 1.1 million units, it added.

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