The foldable smartphone market is likely to see faster growth, as more affordable models are rolled out to attract consumers, and foldable display technologies continue to mature, experts said.

The comments came after Chinese smartphone vendor Oppo unveiled its first foldable flagship smartphone Find N on Wednesday. Priced at 7,699 yuan ($1,209), the phone is part of Oppo's broader push to expand its presence in the premium smartphone segment and to make foldable smartphones evolve from being novelties to necessities.

Fu Liang, an independent analyst who has been following the telecom sector for more than a decade, said foldable smartphones are becoming increasingly popular, with prices going down step by step.

Globally, foldable smartphone shipments in the third quarter were larger than the previous four quarters combined, up 215 percent quarter-on-quarter and 480 percent year-on-year to 2.6 million units, said market research company Display Supply Chain Consultants (DSCC).

At the product launch event on Wednesday, Pete Lau, chief product officer of Oppo, said: "New form factors are ushering in an exciting new time in smartphone technology. Oppo has invested a significant amount of time and effort into coming up with a better approach to a foldable smartphone, experimenting with a range of form factors, hinge designs, display materials and aspect ratios, to create a new device that meets the needs of more users. With the Oppo Find N, we aim to change people's perceptions about what a smartphone can offer and begin making foldable devices more accessible to an even larger audience."

Its competitors are also eyeing foldable phones for opportunities. Huawei Technologies Co is scheduled to unveil its latest foldable phone P50 Pocket on Thursday. Xiaomi Corp and Vivo are also working on new foldable phones.

DSCC forecast that the current fourth quarter will also see a record for global foldable smartphone shipments, which are expected to rise by another 47 percent quarter-on-quarter and over 450 percent year-on-year to 3.8 million units. For 2022, DSCC has raised its forecast to 17.5 million foldable smartphones.

Jene Park, senior analyst at market research company Counterpoint Research, said earlier that the company remains bullish on foldable phones for the long term but conservative on overall shipment growth through end-2022.

Three key things must happen before the industry sees any significant volume, namely, significant price declines with flagships at around $1,000-$1,500, more vendor participants and Apple's entry into the space, Park said.

The first two points are happening. "The latter is an important milestone as Apple is known to be extra cautious on costs and component sourcing. A foldable iPhone is a nod to the robustness of the technology, and we expect this to happen toward end-2022 or most likely 2023," Park added.