USB 3.0 Flash Drives Market to Grow at an Estimated CAGR of 17.7% During the Forecast Period 2022-2030

23 Dec 2019

According to a new market research report published by Acute Market Reports “USB 3.0 Flash Drives Market :Growth, Future Prospects and Competitive Analysis, 2023 - 2030”, the overall USB 3.0 flash drives market worldwide was valued at US$ 2,970.15 Mn in 2021 and is set to grow with 17.7% CAGR during the forecast period.

Market Insights

“Increased data volumes and growing technology & demand for faster data transfers will boost the market growth during the forecast period”

Increased virtual size of data owing to quality enhancements is one of the promising factors for the market growth. Small size, increased transfer speed, consume less power, easily compatible and others are some of the benefits of USB 3.0 flash drives, driving the market demand. Further, the rising demand for a compact with maximum storage devices worldwide is also helping the market growth. As a consequence, we assume that the global USB 3.0 flash drive market will show huge growth throughout the forecast period. Nowadays, high manufacturing cost is the biggest challenge faced by the market. We expect that the challenge will be resolved over time as manufacturers are working on developing new low-cost technologies for manufacturing.

Based on capacity, the global USB 3.0 flash drives market was led by 16GB to 64GB segment in 2021. The aforementioned segment contributed to around 37% of the global market revenue share in the same year. 16GB to 64GB segment has dominance due to large storage space and more transfer speed. Being the most preferred choice of storage capacity, the segment is expected to ensure continued growth over the forecast period.

Top manufacturers are mainly focusing on new technology expansion and product launch in developing nations. Innovations such as maximum storage space in the will further spur revenue growth during the forecast period.

Industrial Developments

• In recent years, HP Inc. launched new USB 3.0 flash drive with storage capacity ranging from 16GB to 128GB. The HP x765w comes with 10x faster speed and write & read transmissions compared with USB 2.0.

Key Market Movements:

• Globally, the USB 3.0 flash drives market is growing at a CAGR of 17.7% for the period from 2023 to 2030

• Asia Pacific dominated the global market in 2021 on account of growing demand for more storage devices and the presence of major market players in the region such as Transcend Information, Inc., ADATA Technology Co., Ltd. and others.

• The Asia Pacific is projected to continue its dominance throughout the forecast period owing to growing adoption of technology and rising urbanization in the region.

• An increasing number of new product expansion, and increased health expenditure for launching innovative technology products in will also boost the market demand.

Browse the full report at https://www.acutemarketreports.com/report/usb-3-0-flash-drives-market

List of Companies Covered:

• 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.