Seoul, Aug 12 (IANS): Samsung Electronics's foldable smartphone shipments are expected to be around 7 million units this year, about three times more compared to a year earlier, analysts said on Thursday, as its new models come with cheaper price tags even with upgraded features.

Samsung unveiled the Galaxy Z Fold3 and the Galaxy Z Flip3 at the Unpacked online event on Wednesday, highlighting upgraded displays, durability and functionality. They are scheduled to be launched globally on August 27.

The Z Fold3 is Samsung's first foldable smartphone to support the S Pen stylus, while housing an under display camera on the main screen for the first time. The Z Flip3 comes with a larger cover screen than its predecessor along with a slimmer design.

With the latest models, local analysts predicted Samsung's foldable smartphone shipments to be 6-7 million units this year, more than triple from a year earlier, with the clamshell-type Z Flip representing about 60 percent of its sales, reports Yonhap news agency.

"Sales of two new foldable smartphones appear to be better than expected," Lee Kyu-ha, an analyst at NH Investment & Securities, said. "Despite upgraded performance and functionality, their prices are maximum 400,000 won cheaper than predecessors and that will expand consumers' accessibility to the products."

Analysts said Samsung's dominance in the foldable market would continue, with some expecting 12 million Galaxy Z series shipments in 2022.

Industry tracker Counterpoint Research recently estimated Samsung to account for 88 percent of the global foldable smartphone market this year and its market share to stay around 75 percent till 2023.