by The global NAND flash memory market plays a vital role in electronics industry. NAND flash memory is a type of non-volatile storage technology which is used for storage in various portable devices like USB flash drives, memory cards, solid-state drives among others. NAND flash memory offers benefits like high storage capacity, faster read and write speeds, durability and lower power consumption compared to hard disk drives. With the proliferation of portable devices and demand for higher storage capacities in electronics, the need for NAND flash memory has increased tremendously.
The Global NAND flash memory 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 Demand 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. The growing demand for portable electronics and emergence of data-intensive applications are fueling the growth of the NAND flash memory market. Major players in the market are expanding their production facilities globally to cater to the rising demand.
The demand for NAND flash memory has increased tremendously over the years driven by growing adoption of smartphones, tablets and portable storage devices. Mobile gaming, VR/AR applications and 4K/8K video recording have led to higher demand for storage. Global shipment of smartphones crossed 1.5 Billion units in 2020 creating substantial demand for NAND flash memory.
Key players are expanding their global footprint to leverage opportunities in emerging markets. For instance, Samsung expanded its flash memory facility in China in 2021 while SK Hynix announced plans to build a new flash memory fabrication plant in Yongin, South Korea. Growing digitization and adoption of IoT devices are driving global expansion plans of NAND flash memory manufacturers.
Market Key Trends
One of the key trends driving growth in the NAND flash memory market is the rise of big data analytics. Globally there is an explosion in data generated from various sources including mobile devices, IoT sensors, video surveillance cameras, connected vehicles etc. This massive volume of data needs to be stored, managed and analyzed. NAND flash memory plays a critical role in data storage and retrieval for big data applications. As big data analytics becomes mainstream across industries, demand for high capacity storage solutions like SSDs based on NAND flash memory technology will witness strong growth over the coming years.
Porter’s Analysis
Threat of new entrants: The NAND flash memory market has high barrier for new companies to enter owing to large capital investment required for R&D, manufacturing and brand building.
Bargaining power of buyers: There are few dominant players in the market, however buyers have moderate bargaining owing to availability of substitute technologies.
Bargaining power of suppliers: Suppliers of raw materials like silicon wafers have some bargaining power given their specialized expertise and access to raw materials.
Threat of new substitutes: Emerging storage technologies like MRAM and ReRAM pose threat of substitution in long term but NAND flash still has cost and performance advantage in short to medium term.
Competitive rivalry: The market is dominated by few big players and competition is intense in terms of pricing and new product development.
Geographical Regions
APAC holds the largest share in the global NAND flash memory market in terms of value owing to presence of component manufacturers as well as OEMs in countries like China, South Korea and Taiwan.
North America is expected to be the fastest growing region during the forecast period. This is attributed to growing adoption of consumer electronics especially smartphones and SSD storage drives for data centers in the region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
