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The global external hard disk market size is estimated to grow at a CAGR of 6.04% between 2022 and 2027. The size of the market is forecast to increase by USD 3,236.56 million. The growth of the market depends on several factors, including multiple advantages of external hard disks, the growing popularity of external SSDs, and the reduction in ASP of NAND flash memory.
This report extensively covers market segmentation by application (personal computers and enterprise applications), type (network-attached storage HDD, portable HDD, and desktop HDD), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing popularity of external SSDs is notably driving the market growth, although factors such as the emergence of cloud storage services may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key External Hard Disk Market Driver
The growing popularity of external SSDs is notably driving the market growth. An SSD is an electronic disk that is used for data storage. SSDs use the same input/output interface design as HDDs and store data in solid-state memory. They are made of silicon microchips and store data electronically. These devices use dynamic RAM- or NAND-based flash memory to store data.
Furthermore, the absence of moving components reduces the chance of mechanical failures in SSDs. In addition, SSDs are capable of withstanding harsh environments, high altitudes, and extreme shock. The application of these devices include PCs, laptops, ultra-books, smart TVs, servers, HD camcorders, set-top boxes, digital video recorders, and gaming consoles. Hence, such benefits will drive global market growth during the forecast period.
Significant External Hard Disk Market Trend
Enhanced biometrics-based security is an emerging trend in the market. External hard disks with fingerprint sensors are becoming increasingly popular among end-users for storing and securely transferring data. Security is one of the features that is a primary requirement because an external hard disk is used to store large amounts of files and important and confidential data.
Vendors offering external hard disks with data security features are expected to witness growth during the forecast period. For instance, in January 2020, Samsung launched an external SSD with a built-in fingerprint reader for extra security. Hence, the growing focus of vendors on the development of biometric-based external hard disks is likely to encourage the growth of the global market during the forecast period.
Major External Hard Disk Market Challenge
The emergence of cloud storage services is a major challenge impeding the market growth. Consumers are increasingly choosing the cloud for their storage needs as it allows for the storage of large data sets of any type. Cloud storage offers more benefits than external hard disks, such as the ability to retrieve data from virtually anywhere, collaborate more effectively by accessing the same data and tools, and disaster recovery and backup strategies, which may restrict the growth of the market in focus on a large scale during the forecast period.
Additionally, cloud storage service providers such as Dropbox, Yandex Disk, Media Fire, and Mega now provide clients with free cloud storage, reducing the need for external hard disks. Therefore, such factors will hinder the growth of the global market during the forecast period.
Key External Hard Disk Market Customer Landscape
The report includes the market's adoption lifecycle, covering the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global External Hard Disk Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ADATA Technology Co. Ltd. - The company operates under one segment. The company under this segment offers various products including LED lighting solutions, axial flow high-speed motors, motor controllers, air-cooled motors, gaming solutions, and other products. The key offerings of the company include external hard disks.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the segment of the personal computer will be significant during the forecast period. In laptops and personal computers, the demand for portable HDDs is increasing gradually because most internal hard drives have storage space between 250 GB and 2 TB. Additionally, HDDs are preferred by personal users as external SSDs are very expensive in comparison to HDDs.
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The personal computers segment was valued at USD 4,320.85 million in 2017 and continued to grow until 2021. Storage capacities under 1TB and 2TB are used in personal computer applications to store data. Portable hard disks of this size are used to store and transfer software, high-definition photos, and videos, and digital editing applications like video editing, photo editing, digital illustration, 3D rendering, audio editing, advanced simulation, and high-performance gaming. Toshiba Canvio Basics 1TB Portable External Hard Drive, Transcend 1TB External Hard Drive, G-Technology ArmorATD, Seagate Wireless Plus Mobile, and Seagate Backup Plus Slim are some of the popular external hard disks with 1 TB and 2 TB storage capacity available in the market, with prices starting from $75. Hence, their efficient usability along with affordable prices will fuel the segment growth during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in APAC is growing primarily due to the presence of a large number of PC manufacturers in the region, such as HP, Dell Technologies, Acer Group, Lenovo, and Asus. Another major reason driving the market growth is the demand for external hard disks in the consumer electronics industry has expanded significantly as a result of rapid technological advancements. Furthermore, the growth of the market in APAC will be significant, as APAC is the hub for consumer electronics.
Additionally, many prominent vendors focus on launching products with advanced technologies to gain more market share. For instance, in September 2020, Toshiba introduced Canvio Flex portable storage, which has up to 4TB of storage and comes with both USB-C and USB-A cables, allowing users to store and access their data on multiple devices such as Mac computers, Windows PCs, and support tablet devices. Therefore, all the abovementioned factors will drive the regional market growth during the forecast period.
In 2020, the COVID-19 outbreak had a significant impact on the economic growth in APAC. However, at the beginning of 2021, most countries started their vaccination drives and lifted lockdowns which helped resume business activities across the region. This will further aid the recovery and growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Application (Personal computers and Enterprise applications), Type (Network-attached storage HDD, Portable HDD, and Desktop HDD), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
External Hard Disk Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.04% |
Market growth 2023-2027 |
USD 3,236.56 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.45 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADATA Technology Co. Ltd., Apple Inc., Buffalo Americas Inc., Hewlett Packard Enterprise Co., Intel Corp., Kingston Technology Co. Inc., LITE ON Technology Corp., Micron Technology Inc., Quantum Corp., Samsung Electronics Co. Ltd., Seagate Technology Holdings Public Ltd. Co, SK HYNIX Inc., Sony Group Corp., Toshiba Corp., Transcend Information Inc., and Western Digital Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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