Apple Inc.'s first foldable iPhone is scheduled to launch in September and could ship more than 10 million units during its first year, research firm IDC said. The passport-style device is expected to cost $2,500, targeting an elite group of consumers despite the premium price, according to IDC senior research director Nabila Popal. The launch would mark Apple's entry into a foldable smartphone market introduced by Samsung Electronics Co. seven years ago. Foldables convert from smartphone to tablet size by folding like a book. IDC expects the category to grow 12.6% this year and 18% next year, with Apple projected to account for 40% of foldable shipments in 2027. The wider smartphone market is forecast to decline 16.7% this year as shortages and higher costs for memory chips and other components restrict production and raise retail prices. IDC's Francisco Jeronimo said the components needed for artificial intelligence are also in short supply, marking the end of the era of the cheap smartphone. Although foldables remain a small segment of a market exceeding 1 billion units annually, their high prices make them profitable for manufacturers.