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The external hard disk market size is forecast to increase by USD 3.34 billion, at a CAGR of 5.93% between 2023 and 2028. External hard disks offer multiple advantages, with the growing popularity of external SSDs further enhanced by the reduction in ASP (Average Selling Price) of NAND flash memory. These devices provide significant benefits such as expanded storage capacity, portability, and faster data transfer speeds compared to traditional HDDs. The increasing demand for external SSDs is driven by their lightweight design, durability, and improved performance in handling large files and applications. The decline in NAND flash memory prices has made SSDs more affordable, attracting consumers seeking reliable backup solutions and efficient storage options for multimedia content, software backups, and data-intensive tasks. This trend underscores the evolving preferences towards faster and more reliable storage solutions, positioning external SSDs as indispensable tools for both personal and professional use in today's digital landscape.
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An external hard drive is a crucial tool for expanding computer storage beyond internal limits, offering convenience through USB connectivity. It stores vast amounts of data such as folders, documents, high-quality images, videos, and games, catering particularly to the gaming sector with large game libraries and downloadable content (DLC). Terabytes of storage capacity accommodate extensive media collections and facilitate live-streaming and multimedia editing. Modern drives adhere to USB 4 connectivity standards, ensuring rapid data transfer rates. Rugged external hard drives feature durability against water and dust, ideal for outdoor and industrial environments. They safeguard critical data with robust physical protection, meeting the demands of professionals and enthusiasts alike for reliable data storage solutions in various settings.
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.
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.
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.
The market forecasting report includes the adoption lifecycle of the market, covering from 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 market growth analysis strategies.
Customer Landscape
Companies 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 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 market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the personal computer segment 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 4.51 billion in 2018. 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 USD75. 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 42% 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.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the digital landscape, folders on flash drives serve as portable storage solutions for managing data across devices like smartphones and mobile devices. They accommodate various file sizes, from megabytes to terabytes, supporting the diverse needs of internet users and the internet population engaged in online video streaming, audio streaming, and video conferencing via platforms like Zoom. Behind the scenes, data centers with advanced HDD designs and solid state drives leverage technologies such as Optane memory, RRAM, heat-assisted magnetic recording, and shingled magnetic recording to enhance storage capabilities and efficiency. The evolution of high-speed internet infrastructure complements these advancements, benefiting PC sectors, fieldwork, and enterprise operations with seamless online and offline access to data. As technology continues to innovate, integrated circuits and RGB LED illumination further enhance performance and aesthetics in desktop computers and the laptop segment across various operating systems.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.93% |
Market Growth 2024-2028 |
USD 3.34 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.6 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 Plc, SK hynix Co. Ltd., Sony Group Corp., Toshiba Corp., Transcend Information Inc., and Western Digital Corp. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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