India’s Consumer Storage Market Falls 58% YoY and 39% QoQ Amid AI-Driven Supply Shift and Price Hikes: CMR

India’s Consumer Storage Market Falls 58% YoY and 39% QoQ Amid AI-Driven Supply Shift and Price Hikes: CMR

Picture of Prabhu Ram, Vice President – Industry Research Group (IIG)

Prabhu Ram, Vice President – Industry Research Group (IIG)

  • Market Incumbents Hold Majority Share Despite Market Contraction
  • SanDisk led the India Consumer Storage market
  • CY2026 Outlook: Consumer Storage Shipments to Decline 18–20%

Gurugram/New Delhi, Sept 10, 2026.  According to CyberMedia Research’s (CMR) latest India Consumer Storage Flash Devices Market Review Report for Q2 2026, shipments of consumer storage devices — including MicroSD cards, SD cards, and USB pen drives — fell 58% year-on-year (YoY) and 39% quarter-on-quarter (QoQ).

According to Mukesh Sharma, Senior Analyst, CyberMedia Research (CMR), “The sharp correction in the consumer market reflects the impact of inventory front-loading and significant pricing volatility witnessed at the start of the year. While AI-led demand continues to drive the broader storage industry, the consumer retail segment has cooled significantly. Channel partners are also adopting a cautious inventory strategy, holding back on restocking in anticipation of further price increases in the coming quarters. This conservative approach is expected to keep consumer shipment volumes subdued in the near term.”

Market Dynamics

Despite the sharp contraction, established brands continued to command the majority of India’s consumer flash storage market, based on estimated market shares derived from shipment volumes and ASP analysis.

Brand Performance

  • SanDisk led the market with  56% share, with presence across MicroSD cards, SD cards, and USB pen drives.
  • Lexar held a 15% share.

Future Outlook

CMR projects India’s consumer storage market to decline 18–20% in CY2026, reflecting sustained pressure from elevated memory prices and subdued consumer demand. “CMR expects the market to move toward a new equilibrium in H2 2026 as memory supply and manufacturing capacity adjust to evolving demand priorities, including the growing requirements of AI applications. Despite near-term volume pressures, market value is expected to remain supported by specialized applications such as surveillance, content creation, and edge storage,” added Bhaskar Negi, Analyst, CyberMedia Research (CMR).