Growing Data Volumes Worldwide to Boost the Demand for USB 3.0 Flash Drives
The global USB 3.0 flash drive market is expected to grow at a CAGR of 17.7% from 2019 to 2027, with a starting value of US$ 1,863.8 million in 2018.Increased virtual data and rising data volumes worldwide are the major factors driving the market growth. Rapid technical advancements in the flash drive market will also boost the market growth. The development of large-capacity flash drives is another factor contributing to market growth. Less power consumption, compatibility, and rapid transfer speed are some of the main benefits driving the market growth. As a result, the market will show huge growth in the years to come.
Market Synopsis
Growing data volumes will drive the fastest growth in the 128GB and 256GB+ segments.
In 2018, 16GB to 64GB led the market. The 16GB to 64GB segment contributed to more than 1/3rd of the global market revenue share in the same year. The segment's dominance is primarily due to its large storage space and low cost. On the other hand, the 128GB and 256GB and above segments will show the fastest growth in the years to come. Growing digital data volumes and the need for large storage devices are the major factors driving the fastest growth. As a result of these factors, we presume that the 128GB and 256GB and above segments will show the highest CAGR during the forecast period.
Growing Demand for Storage Devices Maintains Asia Pacific's Dominance
In 2018, Asia Pacific was the highest value contributor in the global market. Asia Pacific contributed to over 1/3 of the world market's revenue share. The rising need for storage devices, rapid technology adoption, and the presence of major market players are some of the major factors contributing to the dominance of the Asia Pacific region. Growing data volumes in the region are another factor contributing to the Asia-Pacific market's growth. Additionally, the growing digital electronics market in the region will also help the market grow. Therefore, we predict that the Asia Pacific will continue its dominance throughout the forecast period.
The key strategy for market players will be increased new product launches with more storage space.
Major manufacturers are focused on launching products with high storage capacity. Partnership agreements, new product launches, acquisitions, and improved R&D will increase the USB 3.0 flash drive market in emerging nations in the near future.
List of Companies Covered:
ADATA Technology Co., Ltd.
HP, Inc.
Kingston Technology Corporation
Lenovo Group Ltd.
SanDisk Corporation
Toshiba
Verbatim Corporation, Inc.
Transcend Information, Inc.
Corsair Components, Inc.
Emtec, Inc.
Monster Digital
Gigastone Corporation
Micron Consumer Products Group, Inc. (Lexar)
Samsung Group
Key Industry Developments:
Transcend Information, Inc. launched high-capacity (128GB and 256GB) USB 3.0 flash drives with blazing-fast transfer speeds in recent years. Transcend Information, Inc. introduced the JetFlash series, which can store 64000 mp3 songs, 64 hours of HD video, or more than 100,000 images with a maximum transfer speed of 210 MB/s.
Periods of History and Forecast
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Market Segmentation
The current report also encompasses qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better understanding of the overall USB 3.0 flash drive market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report.
What was the market size of USB 3.0 flash drives in 2018 and the forecast up to 2027?
Which is the largest regional market by revenue for USB 3.0 flash drives?
What are the major trends followed in overall USB 3.0 flash drives across different regions?
What are the key market trends and high-growth opportunities observed in the USB 3.0 flash drive market?
What are the drivers for the USB 3.0 flash drive market?
Who are the key USB 3.0 flash drive companies leading the market?
What are the key strategies adopted by the leading USB 3.0 flash drive companies in the market?
This report's distinct data points
Recent trends across different regions in terms of the adoption of USB 3.0 flash drives
There are notable developments going on in the USB 3.0 flash drive industry.
Attractive investment opportunity in both the USB 3.0 flash drive segment and geography
Frequently Asked Questions:
The market for USB 3.0 Flash Drives Market is expected to reach US$ 1,863.8 million by 2027.
The USB 3.0 Flash Drives Market is expected to see significant CAGR growth over the coming years, at 17.7%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Corsair Components, Inc., Transcend Information, Inc., Lenovo Group Ltd., Kingston Technology Corporation are some of the major players in the global market.
