USB 3.0 Flash Drives Market - Snapshot
The global USB 3.0 flash drives market is currently being driven by the advantages that USB 3.0 technology holds over conventional USB technology. As the need for faster data transfer rates arise due to increasing data volumes and the growing demand for faster functioning technology, users are far more likely to adopt USB 3.0 technology as a replacement to conventional data transfer methods. Key players are focusing greatly on product development, especially in chip-on-board USB 3.0 flash drives.
The combined market size in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market is expected to reach US$3,115.6 mn in revenue by the end of 2020, after being calculated at US$1,123.9 mn in 2015. This revenue is estimated to expand at a prolific CAGR of 23.5% during the forecast period from 2016 to 2020.
APAC to Retain Top Spot in Global USB 3.0 Flash Drives Market
Asia Pacific had been the leading region in the global USB 3.0 flash drives market in terms of production volume as well as demand volume. It is expected that Asia Pacific will remain the leading region in the U.S., Europe, and Asia Pacific market over the coming years, owing to the sheer capacity of manufacturing that this region currently holds. A large number of the leading players in the global USB 3.0 flash drives market hold prime manufacturing facilities within Asia Pacific, allowing consumers from this region to get a better reach for these products. Additionally, nations such as India and especially China already hold massive consumer pools in the digital electronics markets, allowing easier penetration for players from the global USB 3.0 flash drives market.
At the same time, Europe and North America are expected to show a meteoric rise in their demand for USB 3.0 flash drives, thereby becoming extremely attractive regions for players in this market to look forward to. Both regions already hold highly advanced IT and consumer electronic industry infrastructures and are showing an increase in willingness to manufacture a greater volume of USB 3.0 flash drives rather than import them.
Large Flash Drives Earning More Preference
Based on capacity, the global USB 3.0 flash drives market can be segmented using the data size markers of 4 GB, 16 GB, 64 GB, 128 GB, and 256 GB. The leading share in the market in terms of demand and production volume goes to the segment of 16 GB to 64 GB. They have shared a large amount of popularity due to having a large enough storage size while being easier to manufacture in smaller physical sizes than flash drives of a greater storage space. At the same time, advancements in technology are making the physical size of flash drives even smaller, allowing consumers to pick up devices from 128 GB to 256 GB and even those above 256 GB in storage space. These segments are highly likely to show a phenomenal growth rate till 2020. Larger flash drives are also being preferred by more consumers due to the growth in volume of digital data over the recent years.
The leading players involved in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market at the current moment, include 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, Patriot Memory LLC, Micron Consumer Products Group, Inc. (Lexar), and Samsung Group.
Global USB 3.0 Flash Drives Market: Overview
Competition in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market is slated to become cutthroat going forward with manufacturers flocking to these markets to reap a windfall from spiking demand. The competition will also likely intensify on account of aggressive efforts of prominent international manufacturers along with savvy regional vendors for further product development leveraging cutting-edge technologies.
As per a report by Transparency Market Research, Europe, the U.S., and Asia Pacific together are predicted to rake in a revenue of US$3,115.6 mn by the end of 2020 in the USB 3.0 flash drives market by rising at a stellar CAGR of 23.5%. Their combined revenue was US$1,123.9 mn in 2015.
Global USB 3.0 Flash Drives Market: Drivers and Restraints
Majorly boosting the global USB 3.0 flash drives market is the rise in volumes of data being transferred. Digital data is not just growing number-wise, but also increasing in virtual size due to improving quality. Copies of music files and movie files, for example, are becoming larger on account of better quality. Besides the increase in the volume of digital data, consumers’ quest for better and faster ways to transfer data has also stoked growth in the market. Other factors driving the market are the advantages of USB 3.0 technology over conventional USB technology and continued focus on product development, particularly in chip-on-board USB 3.0 flash drives.
Damping demand in the USB 3.0 flash drives market is the steep manufacturing costs of the devices. Manufacturers are struggling to maintain the line between profit and loss while attempting to bring down the cost of products. With more effective manufacturing methods coming up, it is hoped that players will be able to cut cost of production in the years to come.
Capacity-wise, the global USB 3.0 flash drives market can be classified leveraging the data size markers of 4 GB, 16 GB, 64 GB, 128 GB, and 256 GB. Among them, the segments of 16 GB to 64 GB lead the market in terms of demand and production volume. Besides, progress in technology are making the physical size of flash drives even smaller. Hence, USB 3.0 flash drives having storage capacity of 128 GB to 256 GB and even those over 256 GB are seeing demand.
Global USB 3.0 Flash Drives Market: Geographical Segmentation
From a geographical standpoint, Asia Pacific dominates the global USB 3.0 flash drives market vis-à-vis production volume and demand. In the coming years too, the region is predicted to hold on to its dominant position due to mushrooming manufacturing units flooding the market with USB 3.0 flash drives for the consumers’ benefits. Burgeoning demand for digital electronic products in fast-expanding developing economies of India and China is also helping to boost the market in the region.
Europe and North America are also anticipated to witness a robust growth in the USB 3.0 flash drives in the foreseeable future. Both the regions have an advanced IT and consumer electronic industry infrastructures and are gradually manufacturing more USB 3.0 flash drives to bring down imports.
Global USB 3.0 Flash Drives Market: Competitive Landscape
Prominent companies operating in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market are ADATA Technology Co., Ltd., Kingston Technology Corporation, HP Inc., Lenovo Group Ltd., SanDisk Corporation, Toshiba, Verbatim Corporation, Inc., Transcend Information, Inc., Emtec Inc., Monster Digital, Patriot Memory LLC, Micron Consumer Products Group, Inc. (Lexar), and Samsung Group.
Major regions analyzed under this research report are:
- The U.S.
- Asia Pacific
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments