South Korean technology giant Samsung Electronics on Wednesday night unveiled two new foldable smartphones, the Galaxy Z Fold3 5G and Galaxy Z Flip3 5G, in China, in an attempt to claim a bigger slice of the world's largest mobile phone market and expand foldable demand beyond niche devices.

Priced at 14,999 yuan ($2,322), the 5G-enabled Galaxy Z Fold3 serves as a tablet when fully opened and becomes a phone when closed. Priced from 7,599 yuan, the Galaxy Z Flip3 5G can fold into the size of a wallet and fit in people's pockets or bags.

"Nowadays, technology has become an important conduit for connecting people. At the same time, a brand-new and open era has arrived. Diversified and personalized interconnected experiences will be a new way for us to move forward into the future," said Choi Seungsik, president of Samsung Electronics China.

He added the new Galaxy Z series will once again subvert the past, bringing ground-breaking experiences that change traditional visual perceptions and unleash high productivity, while encouraging people to embrace more open lives and rethink more possibilities for the future.

According to market research company Counterpoint Research, foldable smartphone shipments will climb to around 9 million units in 2021, a threefold increase over 2020, with Samsung occupying the major market share of over 88 percent.

The consultancy expected a tenfold rise in foldable smartphone shipments in 2023. Although the market for foldables is still niche, shipments of Samsung foldable smartphones are expected to grow significantly in 2021, driven by improved designs and hardware, and competitive pricing, it said.