• SATA SSDs held 71%, while NVMe SSDs saw 34% sequential growth, reaching 29% adoption.
• External SSDs marked a notable 7% YoY growth in Q3 shipments.
Gurugram/New Delhi, Dec 6, 2024. According to the CMR India Consumer SSD Market Review Report for Q3 2024, the Indian market saw a 37% QoQ growth in internal SSD shipments. External SSD shipments, on the other hand, surged dramatically with a 198% QoQ increase and a 7% YoY growth.
According to Mukesh Sharma, Senior Analyst, Industry Intelligence Group (IIG), CyberMedia Research (CMR), “The long-term demand for storage solutions, both internal and external SSDs, remains robust. The sequential growth in internal SSDs was primarily driven by festive season promotions, which spurred consumer demand. However, the year-over-year decline in internal SSD shipments reflects a shift in storage preferences, influenced by growing cloud adoption and the sustained presence of HDDs in the market due to their cost advantage.”
Q3 2024 SSD Market Highlights
Internal SSD Market: Crucial reaffirmed its market dominance, capturing 11% market share, Western Digital followed closely with 10% market share, while Hikvision claimed the third spot with a 6% market share. The lesser-known brands collectively captured 49% share in Q3 2024.
External SSD Market: Western Digital sustained its leadership with 57% market share. Samsung secured the second position with a 24% market share, and Crucial rounded out the top three with 13% market share.
Looking Ahead
The SSD market is poised to achieve over 18% YoY growth by the end of 2024, fueled by the increasing affordability of SSDs and a steady transition from traditional hard drives to SSDs for faster boot times and reduced latency.
In Q4 2024, SSD shipments across internal and external segments are expected to benefit from seasonal demand and ongoing product innovations.
“The relentless demand for data, driven by the digital revolution, is reshaping the storage landscape. The increasing need for large-scale data storage, alongside the shift from traditional SATA to high-performance NVMe and PCIe protocols, is pushing storage capabilities to new heights. In this data-driven era, emerging technologies like edge storage and AI-optimized storage are set to transform how we store, manage, and process information. These innovations will not only strengthen data security and accessibility but also unlock new opportunities for businesses across industries,” added Bhaskar Negi, Analyst-Industry Intelligence Group (IIG), CyberMedia Research (CMR).
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.
