The India Consumer Internal SSD Market Registers 78% YoY growth in Q2 2023

Prabhu Ram, Head - Industry Intelligence Group

Prabhu Ram, Head - Industry Intelligence Group

  • SATA SSD remained the top contributor with 78% YoY growth in its shipments.
  • The NVMe SSD market captured 19% share, its shipments recorded 76% YoY growth.
  • The External SSD shipments recorded significant YoY growth of 82% on a small base.

Gurugram/New Delhi, Sep 1, 2023: According to CMR’s India Hard Drive Market Review for Q2 CY2023, The India consumer internal SSD market (SATA and NVMe) witnessed a remarkable YoY growth of 78% in market shipments. Additionally, the overall market demonstrated a 31% QoQ growth.

According to Shipra Sinha, Senior Analyst – Industry Intelligence Group, Cyber Media Research, “The internal SSD market has undergone exponential growth, primarily attributed to the significant rise in contributions from lesser-known brands, accounting for 54% of the share in Q2 2023. The commencement of a new financial year also saw heightened shipments from established brands, further propelling this substantial YoY growth. Moreover, the increased adoption of SSDs, coupled with noteworthy contributions from leading brands and the emergence of new players in the external SSD category, culminated in an impressive 82% YoY growth on a small base.”

Q2 2023 Highlights

Market Leadership    

In the overall India Consumer Internal SSD market, WD maintained its leadership capturing 13% market share, closely trailed by Crucial at 7% and Hikvision securing the third position with a 3% market share.

Within the External SSD market, WD stood at the top position with 48% market share and 60% YoY increase in its shipments. Following closely, Samsung secured the second position with a substantial 33% market share, showcasing a notable 70% YoY growth in its shipments. Meanwhile, Crucial has captured the third position with 14% market share and showcasing over 16-fold increase in shipments compared to the previous year.

Future Trends

The internal and external SSD market both are anticipated to observe a YoY growth of >20% by the end of CY2023. This upward trajectory can be attributed to the substantial involvement of emerging brands in the internal SSD sector, their adaptable form factors and the enhanced affordability of external SSDs.

“As the upcoming festive season draws near, accompanied by enticing promotions, the internal and external SSD market is primed for increased shipments in Q3 2023. SATA SSDs are projected to retain their dominance, while NVMe SSDs are set to rise. Driven by growing technological innovations, high-performance storage needs, cloud computing, and data speed requirements, the SSD market is poised for expansion. Additionally, affordability and brand diversity will fuel growth in the external SSD market.” added Shipra.

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.