South Korean technology giant Samsung Electronics unveiled on Wednesday night two new foldable smartphones, the Galaxy Z Flip4 and Galaxy Z Fold4, in a bid to grab a bigger slice in the highly competitive smartphone market.

The 5G-enabled Galaxy Z Flip4, featuring an upgraded camera experience and a larger battery, can fold into the size of a wallet and fit in most people's pockets or bags, while the Galaxy Z Fold4 serves as a tablet when fully opened and becomes a phone when closed.

"Samsung Galaxy foldable smartphones are built on the foundation of our openness philosophy, enabling new possibilities with complete customization both inside and out," said TM Roh, president and head of Mobile Experience Business at Samsung Electronics.

The Galaxy Z Fold4 is equipped with a 7.6-inch main screen and a 120 Hz adaptive refresh rate, providing a professional shooting experience for users.

Foldable smartphone shipments are forecast to increase by an overall annual growth rate of 53 percent between 2021 and 2024, expected to exceed 30 million units in 2024, according to a report from market research firm Canalys.

Major smartphone vendors are getting ready to compete in the foldable market, which will become a vital part of their high-end strategies and corporate branding, it added.

The consultancy said global smartphone shipments fell to 287 million units in the second quarter of 2022, the lowest quarterly figure since Q2 2020, due to the COVID-19 pandemic. Samsung led the market with 61.8 million smartphones shipped and a 21 percent market share.