• SATA SSDs maintained their dominance with a 70% market share.
• The NVMe SSDs captured 30% of the market share but saw a steep 43% YoY decline in shipment.
• External SSDs also faced challenges, recorded a 38% YoY decline in Q2 shipments.

Gurugram/New Delhi, August 30, 2024. As per the latest CMR India Hard Drive Market Review by CyberMedia Research (CMR) for Q2 2024, the India consumer internal SSD market faced a notable downturn in Q2 2024, experiencing a sharp 42% quarter-on-quarter (QoQ) and a significant 64% year-on-year (YoY) decline,

According to Mukesh Sharma, Analyst – Industry Intelligence Group at CyberMedia Research (CMR), “The internal SSD storage market’s decline can be partly attributed to the prevailing macro-economic environment, including external factors, such as the election cycle in Q2, which led to delayed purchasing decisions and cautious consumer behavior. Additionally, increased cloud adoption among Indian SMEs has shifted storage demands. The rise of lesser-known brands, which accounted for 59% of the market share in Q2 2024. Moreover, the external SSDs category, culminated decline by 69% QoQ. Despite these challenges, the underlying demand for storage remain robust.”

Q2 2024 SSD Market Highlights

In the Internal SSD market, Crucial captured 13% market share, reinforcing its leadership. Hikvision followed closely with 11% market share, while Western Digital garnered a 6% market share.

Turning to the External SSD market, Western Digital continued its leadership streak with a substantial 28% market share. Samsung was placed second with a 20% market share, and Kingston rounded out the top three with a 16% market share.

Looking ahead

The internal SSD market is projected to grow by >18% YoY by the end of 2024. This growth is anticipated to be fuelled by the increasing affordability of SSDs and a gradual shift away from traditional hard drives. The upcoming festive season is anticipated to drive a surge in shipments for both internal and external SSDs in Q3 2024.

“”The proliferation of NVMe and PCIe protocols is set to further boost storage speeds, enabling faster data access and lower latency. This is particularly crucial as the expanding demand for AI applications is elevating the need for edge storage solutions that can handle complex workloads in real-time. Moreover, heightened investments in digital infrastructure and smart cities are amplifying the demand for robust, scalable storage solutions that can support the growing volumes of data generated by connected devices and sensors. As the digital economy continues to evolve, storage technologies will play an increasingly vital role in powering innovation and driving progress,” added Bhaskar Negi, Analyst – Industry Intelligence Group at 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.