• SATA SSD remained the top contributor with 63% YoY growth in its shipments.
• The NVMe SSD market shipments recorded 55% YoY growth.
• The External SSD shipments recorded 121% YoY growth on a small base.
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
Market Leadership
In the overall India Consumer Internal SSD market, WD maintained its leadership capturing 11% market share, closely trailed by Crucial at 6% and Hikvision securing the third position with a 4% market share.
Within the External SSD market, WD remained the leader with 61% market share and a notable 209% YoY increase in its shipments on a small base. Samsung secured the second position with 22% market share with 10% YoY increase in its shipments. Crucial stood at the third position with 7% market share with significant 807% YoY increase in its shipments on a small base.
Future Trends
The overall SSD market is anticipated to grow 35% YoY by the end of 2024. This substantial growth of SSDs in India is attributed to the escalating demand fueled by a rapidly expanding digital economy and the widespread adoption of multimedia applications, necessitating faster and more dependable storage options.
“The future of the SSD market is promising, propelled by increasing demand for high-performance computing solutions. Declining prices and technological advancements are making SSDs more accessible. The growing popularity of gaming and entertainment content will further drive demand. Proactive marketing and awareness campaigns will be pivotal in educating consumers and fueling market growth.” added Shipra.
