Motorola unveiled on Thursday night its premium 5G-powered foldable mobile phone Razr, which can fold to the size of a wallet and fit in people's pockets or bags, in a bid for a bigger slice of the pie in the world's largest smartphone market.

Priced at 12,499 yuan ($1,829), the handset is equipped with a 2.7-inch quick view touchscreen display on the front, and a 6.2-inch OLED foldable display on the inside of the phone.

The Lenovo-owned smartphone brand has partnered with the country's major telecom carrier China Telecom to bring a superfast 5G experience to Chinese consumers.

Users can make video calls, send texts, take pictures and access their favorite apps without opening the phone. The smartphone features a 48-megapixel sensor with a newly added laser autofocus time-of-flight sensor and optical image stabilization, and packs a 2,800mAh battery and charges via a 15W charger that comes included.

Industry insiders said the traditional smartphone market is relatively saturated, so handset manufacturers are trying to give smartphones innovative and eye-catching designs.

According to the latest research from Strategy Analytics, global foldable smartphone shipments will grow from under 1 million units in 2019 to 100 million by 2025. It predicted foldables will be the fastest-growing segment in the premium smartphone market for the next decade.