Samsung Electronics, who leads the world's foldable smartphone market, is confident it can solidify its position by selling over 10 million units of its new foldable smartphones globally this year.

Samsung Electronics’ mobile head Roh Tae-moon said he sees 2023 being the "tipping point" when foldable phones gain mainstream adoption.

“We expect global foldable phone shipments to exceed 20 percent of all Galaxy flagship smartphones this year,” Roh said during a press conference held at the tech giant’s Seocho office in southern Seoul, Friday, following the Samsung Galaxy Unpacked 2023 event.

The tech giant held its first Galaxy Unpacked 2023 event on its home turf on Wednesday to introduce its latest foldable smartphone lineup -- the Galaxy Z Flip5 and the Galaxy Z Fold5. The latest devices are Samsung’s fifth-generation foldable phones since the launch of its first, the Galaxy Fold, in 2019.

Samsung has made various updates with its new Galaxy foldable smartphone series, aiming to create an “innovative foldable phone experience” for users. Those include features such as a bigger screen, lighter weight and a new hinge design. The mobile chief expressed strong pride in the firm’s latest foldable phone series, while expecting the global cumulative shipments of its foldable phones to surpass the 30 million mark since 2019.

Roh also said that having the company's first Galaxy Unpacked event in Seoul was the "right decision" to solidify its position.

"Since Samsung is a company that started its business in Korea and foldable phones were also introduced first in Korea. The latest event was able to show the symbols of Korea to people around the world," he said.

Citing the preorder data, Roh forecast that the sales proportion of the Galaxy Z Flip5 to Z Fold5 could change to 65 percent and 35 percent, respectively, compared to last year’s 60 percent and 40 percent. Given that the popularity of vertically folding Flip phones among domestic consumers is far higher than the global average, the firm has set a goal of selling one foldable phone for every three Galaxy premium phones here, he said.

Based on market watchers’ predictions, Roh said the annual global sales of foldable products could reach 100 million units within five years. Despite the unfavorable market condition outlook in the latter half, the mobile chief said he was determined to overcome difficulties through collaboration and innovation, having witnessed foldable phones become the firm's new driving force in its mobile business.

"Samsung's mobile division has achieved various innovations even in a sluggish market condition together with mobile carriers and clients around the world. We're trying to pioneer the market again with our strong DNA and capabilities," he said.

Samsung has maintained the No. 1 position in the global foldable market, but has seen increasing competition from Chinese smartphone makers. With Huawei, Oppo, Vivo and Xiaomi also launching foldable smartphones, Samsung's market share decreased to 45 percent in the January to March period, according to industry tracker Display Supply Chain Consultants.

Roh saw the phenomenon as "natural" with more smartphone makers joining the market, and was confident that it could safeguard its crown.

Samsung is also eyeing a bigger market presence in major global markets such as China, the US and India with the latest foldable devices.

Roh said Samsung will strengthen collaboration with local partners in India, as well as strengthen marketing in the US.

Market watchers are paying attention to whether Samsung's latest foldable phones will appeal to young domestic customers. Among the younger generation, aged 18 to 29, the percentage of iPhone users came in at 65 percent, dwarfing Samsung's 32 percent, according to the recent Gallup Korea poll.

Despite the odds, Roh says many young customers would be drawn to the Z Flip5 here.

"We are working hard to analyze and study parts where preference is lower than average and accelerating various efforts," he added.

At Friday's conference, the mobile head hinted that the tech giant may develop foldable products other than smartphones, possibly introducing the form factors on its tablets and laptops.