The global market for USB 3.0 flash drives features a highly fragmented competitive landscape, with international players such as HP, Lexar, Fischer Connectors, Toshiba Electronics, Samsung, SanDisk, Transcend, and Kingston holding commanding positions, observes Transparency Market research (TMR) in a recent report. An increasing number of companies operating in the field of flash drives have begun to enter the market for USB 3.0 flash drives and the level of competition in the market is expected to intensify in the near future. Development of flash drives with larger capacities and minimal sizes and expansion across uncharted territories are some of the most popular growth strategies adopted by players to sustain in the market.
It is estimated that the global USB 3.0 flash drives market will register a staggering 23.5% CAGR over the period between 2016 and 2020, rising from a valuation of US$1,123.9 mn in 2015 to US$3,115.6 mn by 2020 in terms of revenue.
3.0 Flash Drives with Larger Capacities Gaining Popularity
In terms of capacity, the report examines the USB 3.0 flash drives market for 256 GB and above, 128 GB, 16 GB to 64 GB, 4 GB to 16 GB, and below 4 GB categories. Of these, the segment of 16 GB to 64 GB presently holds the dominant share in the overall market and is expected to remain one of the most popular categories in the next few years as well. However, as the volumes of digital data continue the consumer is preferring flash drives with larger capacities. As a result, technologically advanced, economical, and minuscule flash devices of capacities more than 256 GB are witnessing demand at a phenomenal rate. The trend is expected to continue to remain strong over the report’s forecast period as well.
In terms of geography, the report examines the market for USB 3.0 flash drives across the U.S., Europe, and Asia Pacific. Of these, the Asia Pacific market is the leading producer and a key contributor to the revenue of the global USB 3.0 flash drives market. In the next few years as well, the Asia Pacific market is expected to achieve promising gains, however, the U.S. market is expected to emerge as the fastest growing market for USB 3.0 flash drives.
Rising Volumes of Digital Data Central to Increased Demand for USB 3.0 Flash Drives
The vast rise in volumes of digital data being transferred from the web to mobile and personal computing devices is presently the leading factor driving the increased demand for USB 3.0 flash drives globally. Quality enhancements are increasing the virtual sizes of most popular digital data such as audio, video, and images. Owing to the vast rise in digital data volumes being transferred and processed on personal devices, consumers are compelled to buy products capable of enabling the faster and better transfer and processing of data, driving the demand for USB 3.0 flash drives.
High Product Costs Continue to Challenge USB 3.0 Flash Drive Market Growth in Emerging Markets
The high costs associated with the manufacture of USB 3.0 flash drives is presently a key challenge faced by the market. The high prices deter consumers, especially across cost-conscious emerging economies, and pose difficulties for manufacturers in achieving sustainable returns when trying to target these consumers with economic products. The issue, however, is expected to be resolved in the next few years as production costs of USB 3.0 flash drives are cut down with the help of improved manufacturing processes and economies of scale.
This review of the market is based on a report published by Transparency Market Research, titled “USB 3.0 Flash Drives Market (Manufacturing Process - Conventional and Chip-on-Board; Capacity - Below 4 GB, 4 GB to 16 GB, 16 GB to 64 GB, 128 GB, and 256 GB and Above) - Global (The U.S., Europe, and Asia Pacific) Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2020.”
For the study, the global USB 3.0 flash drives market is segmented as follows:
By Manufacturing Process
- Chip-on-Board (CoB)
- Below 4 GB
- 4 GB to 16 GB
- 16 GB to 64 GB
- 128 GB
- 256 GB and Above
- The U.S.
- Asia Pacific
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