An executive from Samsung outlines the significance of the company’s folding phones to its business.

Roh Tae-moon, the head of Samsung’s mobile division, recently outlined the financial benefits of folding phones to The Wall Street Journal.

In the article, Roh claimed that three times as many people are switching brands to Samsung’s foldable phones as to its standard Galaxy S models. That indicates that consumers are turning away from other phone manufacturers like Apple, Xiaomi, and Oppo in favor of Samsung.

Roh told The Wall Street Journal, “We believe this to be a fairly considerable proportion and an encouraging indicator.” “This is not about Samsung Galaxy device customers migrating to another Galaxy device; this is about switchers from other brands.”

On Wednesday, Samsung announced the Galaxy Z Fold 4 and Galaxy Z Flip 4, the company’s most recent iterations of foldable phones. New phones can be folded in half. The Galaxy Z Fold 4, which is the largest of the two, unfolds to show a screen the size of a small tablet.

According to its most recent earnings report, Samsung wants to “mainstream” the possible brand switcher. In the second half, it hopes that sales of foldable phones will surpass those of the Galaxy Note, its previous flagship model.

Foldable phone shipments are predicted to increase by 73% to 16 million units this year, continuing to be the fastest-growing smartphone product category, according to Counterpoint Research.

Although no other smartphone manufacturer ships foldable in as many markets as Samsung, Counterpoint discovered that Samsung had a 62% market share for foldable in the first half of this year. In the second half of the year, according to Counterpoint, Samsung will control 80% of the market.