A few of the prominent names in the USB 3.0 flash drives market operating in the U.S. are Lexar, HP, and SanDisk. The companies are slated to hold onto their dominant positions in the years to come as well. Those companies along with Fischer Connectors and Toshiba Electronics hold a sway over the market in Europe too. The important players operating in the market in Asia Pacific are Transcend, Samsung, Kingston, and SanDisk.
As per a report by Transparency Market Research, Europe, the U.S., and Asia Pacific market for USB 3.0 flash drives will likely witness stiff competition in the years ahead with more manufacturers of flash drives entering the fray sensing an opportunity. One of the popular strategies adopted by the main manufacturers to gain greater market share has been the thrust on product development. The development of high capacity USB 3.0 flash drives is a noticeable trend in the market these days. The combined revenue of the U.S., Asia Pacific, and Europe for USB 3.0 flash drives market is predicted to reach US$3,115.6 mn by 2020 from US$1,123.9 mn in 2015, expanding at a phenomenal CAGR of 23.5%.
16 GB and 64 GB Flash Drives Dominate Market Owing to their Ability to their Storage Capacity
Depending upon capacity, the USB 3.0 flash drives market can be divided using data size markers of 4 GB, 16 GB, 64 GB, 128 GB, and 256 GB. Vis-à-vis demand and production volume, the 16 GB to 64 GB segments dominate the market. This is because they have large storage size and are easy to manufacture in smaller sizes. With progress in technology, the sizes of the flash drives are becoming smaller, even those having 128 GB to 256 GB storage space. Hence, those segments are expected to expand at a healthy clip in the near future.
From a geographic standpoint, Asia Pacific leads the global market for USB 3.0 flash drives both in terms of demand and production volume. Because of the sheer capacity of manufacturing, the region will hold its dominant position in the near future as well. This coupled with a substantial consumer base in China and India for digital electronics markets is also bolstering the market in the region. Going forward, Europe and North America markets will advance at a cracking pace spelling massive opportunities for companies looking to up their revenues.
Growing Data Volumes to Fillip Market
Factors fuelling growth in the market have been summed up by the lead analyst of the report in the following words, “The global USB 3.0 flash drives market is expected to witness a healthy rate of growth over the coming years. One of the key reasons for the growing demand for USB 3.0 tech is the increase in data volumes being transferred. Digital data is not only increasing in numbers, but also increasing in virtual size due to quality enhancements. Common consumer copies of music files and movie files, for instance, are getting larger to accommodate the advancements in quality of each type of file. Given the overall growth in the volume of digital data being used, consumers are looking for better and faster ways to transfer data, which brings USB 3.0 flash drives to their attention.”
Steep Manufacturing Costs Deter Market
High costs involved in production of USB 3.0 flash drives are a major deterrent to their market. Manufacturers are hard-pressed to maintain the line between profit and loss while trying to reduce product cost. With improvement in manufacturing methods, production costs will likely come down in the near future.
This review is based on the findings of a TMR report, 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.”
The USB 3.0 Flash Drives market is segmented as below:
USB 3.0 Flash Drives Market
By Manufacturing Process
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