• The NVMe SSD market recorded 39% YoY growth in Q1 CY2024.
• The external SSD shipments experienced a remarkable YoY growth of 119% in Q1 CY2024.

Gurugram/New Delhi, May 26, 2024: According to CMR’s India Hard Drive Market Review for Q1 CY2024, The India consumer internal SSD market (SATA and NVMe) witnessed a substantial YoY decline of 18% in market shipments. Additionally, the overall market demonstrated a 44% QoQ decline.

According to Bhaskar Negi , Analyst – Industry Intelligence Group, Cyber Media Research, “The exponential growth in the lesser-known brands contribution (58%) and the increased shipments from renowned brands have been instrumental in driving the overall market expansion. Factors such as heightened awareness for External SSD 1TB capacity is demanding and contributor 65% market share followed by 2TB at 24%. And internal SSD market 256 GB capacity segment was the top contributor with 40% market share in Q1 Furthermore, the external SSD market resulting in a remarkable 119% YoY shipment increase.”

Q1 2024 Highlights

India Consumer Internal SSD market, Crucial maintained its leadership capturing 11% market share, closely trailed by WD at 8% and Hikvision securing the third position with a 5% market share.

Within the External SSD market, WD remained the leader with 56% market share and notable 124% YoY increase in its shipments. Samsung secured the second position with 19% market share. Seagate stood at the third position with 15% market share.

 Future Trends

Due to its increased affordability and growing consumer preference over traditional hard drives, the Internal SSD market is anticipated to witness a YoY growth of over 18% by the end of CY2024.

“As the New Year begins, the Internal SSD market is expected to experience a further increase in shipments in Q2 2024. NVMe SSDs contribution will continue to rise. The growing demand for  smart devices, digitization and the need for affordable large-scale data storage will be the key drivers for the future growth of SSDs. Additionally, the base of the External SSD market is set to expand as more brands enter this market segment.” added Bhaskar.

Notes for Editors

1. Cyber Media Research (CMR) is a pioneering market intelligence and consulting firm that runs a comprehensive quarterly market update on the India Consumer Storage market. CMR’s India Quarterly Consumer SSD Market Review covers Internal SSD and External SSD sold via distributors and retail outlets. The report accounts for ‘legal’ shipments but does not include bundled or ‘grey’ market shipments or units brought from abroad by individuals as a part of personal baggage.
2. CMR uses the term “shipments” to describe the number of Internal SSD devices leaving the factory premises for OEM sales or stocking by distributors and retailers. For the convenience of media, the term ‘shipment’ is sometimes replaced by “sales” in the press release, but this reflects the market size in terms of units of hard drive devices and not their absolute value.