Apple (NASDAQ: AAPL) continued its tradition of unveiling new products in September during its "Surprise and Shine" event on Sept. 9. The highlight of the event was the introduction of the iPhone Duo, Apple’s first foldable smartphone.

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While foldable smartphones are not new—Royole launched the FlexPai in 2018 and Samsung followed with the Galaxy Fold in 2019—Apple's entry could significantly impact the market, as the company typically refines technology rather than being the first to market. New Apple CEO John Ternus noted that previous foldable phones felt like "two phones awkwardly stuck together." The iPhone Duo features a passport design with a titanium frame, a 5.4-inch outer screen that unfolds into a 7.6-inch display, aiming to combine smartphone portability with a larger, tablet-like experience.

The iPhone Duo starts at $1,999 for a 256-GB model, closely priced with the Samsung Galaxy Z Fold8 and Google Pixel 11 Pro Fold. Its price can reach up to $3,199 for a 2 TB version. This competitive pricing could boost sales and attract more consumers to the foldable category. Preorders will begin on Oct. 16, and the device will be available in 70 countries starting Oct. 23.

Currently, foldable smartphones account for less than 2% of global smartphone shipments, with around 18.3 million units sold last year. IDC projects a 30% increase in foldable shipments this year, while traditional smartphone shipments are expected to decline by 1.4%. Counterpoint Research estimates that Apple will ship 6 million units of the iPhone Duo in its first year. The positive reception from journalists who tested the device suggests that Apple’s entry could help legitimize and popularize foldable smartphones, particularly in markets like China, which is already seeing strong demand for such devices.