The global NAND flash memory market is widely used in smart
devices like smartphones, tablets, laptops and digital cameras owing to
advantages like high density, low power consumption, and solid-state design.
NAND flash memory provides non-volatile storage and is increasingly being used
to replace magnetic storage devices like hard disk drives in many consumer
electronics due to its compact size and durability.
The market is estimated to
be valued at US$ 80.93 Bn in 2024 and is expected to exhibit a CAGR of 8.7%
over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the NAND flash memory market are Valeo SA, ZF TRW,
Carwood Group, Robert Bosch GmbH, Meritor Inc., Monark Automotive GmbH, Budweg
Caliper A/S, Genuine Parts Company, ATC Drivetrain Inc., Maval Manufacturing
Inc., Teamec BVBA, Motorcar Parts of America, Inc., and Jasper Engines and
Transmissions. These players are focusing on developing advanced NAND flash
with higher density and lower costs to strengthen their market position.
The growing demand for digital storage across industries like automotive,
consumer electronics and data centers is creating significant opportunities for
NAND
Flash Memory Market Demand manufacturers. Asia Pacific region
especially China and South Korea are major production and export hubs for NAND
flash and manufacturers are expanding their presence across emerging markets to
tap the vast potential.
Global data traffic is projected to grow exponentially with the proliferation
of internet of things devices. This is driving the need for increased storage
capacity across cloud infrastructure and data centers. NAND flash memory
manufacturers are well positioned to cater to this demand and are introducing
new products with higher density and lower latencies.
Market Drivers
- Growing demand for smartphones, tablets and other smart
electronic devices is a key driver as these devices heavily rely on NAND flash
memory for data and file storage.
- Transition from hard disk drives to solid state drives in laptops and desktop
PCs is augmenting the usage of NAND flash memory as primary storage.
Market Restrain
- Declining NAND flash prices are squeezing manufacturers'
margins.
- Volatility in prices of NAND components like DRAM could negatively impact production
costs.
Segment
Analysis
The NAND flash memory market is dominated by SSD sub
segment. Solid-state drives (SSD) are experiencing a fast adoption rate across
enterprises for data storage solutions due to their superior performance and
reliability compared to traditional hard disk drives (HDD). As SSDs have no
moving parts, they are more durable and resistant to physical shock. SSDs are
also more energy efficient. Enterprises are increasingly opting for SSDs to
deploy applications and run databases for improved input/output operations per
second (IOPS) and reduced latency. This has driven the SSD segment to account
for over 60% of the overall NAND flash memory market share in 2024.
Global Analysis
The Asia Pacific region dominates the global NAND flash
memory market with a share of over 40% in 2024. This is driven by the presence
of several leading chip manufacturers in countries such as South Korea and
Taiwan as well as a large consumer base for devices using NAND flash memory in
China and India. The region is expected to continue its dominance during the
forecast period due to rising demand for smartphones, laptops, and other
consumer electronics from emerging economies. North America is expected to
develop as the second largest region mainly due to high technology adoption and
modernization programs undertaken by various industries in the US and Canada.
Europe and Latin America are also experiencing decent growth opportunities,
though their individual shares remain smaller as of now.
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Flash Memory Market
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