USB 3.0 Flash Drives Market: Rising Digital Data Volumes Set Users Out to Prefer Faster Technology

Players such as HP, SanDisk, and Lexar are expected to continue dominating the U.S. USB 3.0 flash drives market. They also hold significant shares in Europe, along with Fischer Connectors and Toshiba Electronics. On the other hand, players such as Samsung, Kingston, Transcend, and SanDisk hold the leading shares within Asia Pacific.

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According to a research report released by Transparency Market Research, the U.S., Europe, and Asia Pacific USB 3.0 flash drives market is expected to hold intense competition over the coming years as more and more manufacturers of flash drives become attracted towards the idea of becoming a part of this high demand market. Key global players as well as regional vendors are pushing for greater product development in order to earn greater shares in the global USB 3.0 flash drives market. The development of high capacity USB 3.0 flash drives is a very common trend currently noticed in the global market.

The global USB 3.0 flash drives market is expected to reach US$3,115.6 mn by the end of 2020 in terms of revenue. It was calculated at US$1,123.9 mn in 2015, and this revenue is projected to expand at a CAGR of 23.5% during the forecast period from 2016 to 2020.

Growing Digital Data Volumes Draw Focus on Global USB 3.0 Flash Drives Market

“The global USB 3.0 flash drives market is expected to witness a healthy rate of growth over the coming years. One of the key reasons for the growing demand for USB 3.0 tech is the increase in data volumes being transferred. Digital data is not only increasing in numbers, but also increasing in virtual size due to quality enhancements. Common consumer copies of music files and movie files, for instance, are getting larger to accommodate the advancements in quality of each type of file. Given the overall growth in the volume of digital data being used, consumers are looking for better and faster ways to transfer data, which brings USB 3.0 flash drives to their attention,” states a TMR analyst.

The U.S., Europe, and Asia Pacific USB 3.0 flash drives market has benefitted greatly through the developments in the chip-on-board manufacturing process. The growing adoption of effective CoB manufacturing processes has allowed players to significantly reduce the size of their flash drives, while allowing them to increasing storage space while maintaining a small form factor.

High Costs Continue Stifling Demand for USB 3.0 Flash Drives

One of the key challenges faced by the global USB 3.0 flash drives market currently, is the high costs associated with manufacturing these devices. Consumers are generally deterred by the costs of a majority of the USB 3.0 tech in the market currently, and manufacturers are struggling to maintain the line between profit and loss while trying to reduce product cost. This issue is likely to be resolved over time as manufacturing methods improve and allow players to cut down on cost of production.

“Current opportunities in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market lie in the developed regions from North America and Europe. Although Asia Pacific is the leading producer of USB 3.0 flash drives, the scope of use for them is much larger in Europe and North America. The lowered prices of USB 3.0 tech can, for instance, allow students to store and share academic data in a fast and reliable way, thereby increasing sales,” adds the analyst.