USB 3.0 Flash Drives Market – Snapshot
The global USB 3.0 flash drives market is currently being driven by the advantages that USB 3.0 technology holds over conventional USB technology. As the need for faster data transfer rates arise due to increasing data volumes and the growing demand for faster functioning technology, users are far more likely to adopt USB 3.0 technology as a replacement to conventional data transfer methods. Key players are focusing greatly on product development, especially in chip-on-board USB 3.0 flash drives.
The combined market size in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market is expected to reach US$3,115.6 mn in revenue by the end of 2020, after being calculated at US$1,123.9 mn in 2015. This revenue is estimated to expand at a prolific CAGR of 23.5% during the forecast period from 2016 to 2020.
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APAC to Retain Top Spot in Global USB 3.0 Flash Drives Market
Asia Pacific had been the leading region in the global USB 3.0 flash drives market in terms of production volume as well as demand volume. It is expected that Asia Pacific will remain the leading region in the U.S., Europe, and Asia Pacific market over the coming years, owing to the sheer capacity of manufacturing that this region currently holds. A large number of the leading players in the global USB 3.0 flash drives market hold prime manufacturing facilities within Asia Pacific, allowing consumers from this region to get a better reach for these products. Additionally, nations such as India and especially China already hold massive consumer pools in the digital electronics markets, allowing easier penetration for players from the global USB 3.0 flash drives market.
At the same time, Europe and North America are expected to show a meteoric rise in their demand for USB 3.0 flash drives, thereby becoming extremely attractive regions for players in this market to look forward to. Both regions already hold highly advanced IT and consumer electronic industry infrastructures and are showing an increase in willingness to manufacture a greater volume of USB 3.0 flash drives rather than import them.
Large Flash Drives Earning More Preference
Based on capacity, the global USB 3.0 flash drives market can be segmented using the data size markers of 4 GB, 16 GB, 64 GB, 128 GB, and 256 GB. The leading share in the market in terms of demand and production volume goes to the segment of 16 GB to 64 GB. They have shared a large amount of popularity due to having a large enough storage size while being easier to manufacture in smaller physical sizes than flash drives of a greater storage space. At the same time, advancements in technology are making the physical size of flash drives even smaller, allowing consumers to pick up devices from 128 GB to 256 GB and even those above 256 GB in storage space. These segments are highly likely to show a phenomenal growth rate till 2020. Larger flash drives are also being preferred by more consumers due to the growth in volume of digital data over the recent years.