Chinese giants Xiaomi, Huawei race to get ahead of Apple's rumored foldable iPhone

Huawei and Xiaomi this week rolled out their latest foldable phones as the Chinese tech giants look to steal a lead on rival Apple, which is rumored to launch its first foldable iPhone on Wednesday. Xiaomi, the world's third-largest smartphone player, launched the Xiaomi 18 Fold on Monday, a passport-sized device similar to Samsung's Galaxy Z Fold8, which was released earlier this year. Huawei on Monday unveiled the Mate XT2, the third generation of its trifold smartphone, which it pioneered. Those launches are no coincidence. Apple is holding an event on Wednesday, where it is rumored to be unveiling the first foldable iPhone, a major new product under new CEO John Ternus. "There is significant pent-up demand for a foldable iPhone within the Apple community," Neil Shah, partner at Counterpoint Research, told CNBC on Tuesday. "Many have refrained from switching to Samsung. Some have switched, but they might come back if there is an amazing foldable iPhone." Apple could ship 6 million foldable iPhones this year, giving it a 25% share of the global market, according to Counterpoint Research. This share could grow to 40% in 2027, Counterpoint said. Foldable smartphones continue to see strong growth, even though they are some of the most expensive handsets on the market.