• Pen drive category continued its dominance with 68% share.
• MicroSD card shipments witnessed 5% YoY decline.
• SD card shipments declined by 14% YoY.

Gurugram/New Delhi, Mar 1, 2024: According to CMR’s India Hard Drive Market Review for CY2023, the India consumer internal SSD market (SATA and NVMe) witnessed a remarkable YoY growth of 61% in market shipments.According to Shipra Sinha, Senior Analyst – Industry Intelligence Group, Cyber Media Research, “The Indian consumer internal SSD market has experienced extraordinary growth in the past few years, with shipments soaring >12X since 2019. This remarkable expansion is credited to heightened awareness of SSDs and substantial contributions from both well-known and lesser-known brands. Additionally, the external SSD market has also seen impressive growth, driven by increased affordability and the influx of new brands into the market segment.”

CY2023 Highlights

SanDisk was the leader with market share of 62%. HP secured the second spot with 8% share, its shipments recorded 23% YoY growth. Kingston occupied the third position with 19% YoY growth in its shipments. The lesser-known brands collectively captured 17% market share.

The 32GB capacity was the most popular segment with share of 39%. The 64GB capacity segment captured 26% market share. 128GB capacity shipments recorded notable 42% YoY growth.

Future Trends

CMR anticipates the microSD cards market to witness single digit decline by the end of CY2024. In contrast, the Pen drive market is poised to achieve a YoY growth between 15%-20% by the end of CY2024.

“In 2024, the microSD card market is expected to continue its decline owing to the popularity of cloud storage and streaming services, while the pen drive market is poised for growth with its portable data management solution. Technological advancements in pen drive design will fuel this growth. To revive the microSD market in India, targeting budget users, gamers, and professionals with affordable and high-performance options, alongside consumer education, should be the key strategies. A notable shift towards higher capacities will be observed.” added Shipra.