External Hard Disk Market size is set to grow by USD 3.34 billion from 2024-2028, Multiple advantages of external hard disks to boost the market growth, Technavio

NEW YORK, Aug. 7, 2024 /PRNewswire/ -- The global external hard disk market  size is estimated to grow by USD 3.34 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.93% during the forecast period. Multiple advantages of external hard disks is driving market growth, with a trend towards increasing popularity of wireless external hard disks. However, emergence of cloud storage services poses a challenge. Key market players include ADATA Technology Co. Ltd., Apple Inc., Buffalo Americas Inc., Hewlett Packard Enterprise Co., Intel Corp., Kingston Technology Co. Inc., LITE ON Technology Corp., Micron Technology Inc., Quantum Corp., Samsung Electronics Co. Ltd., Seagate Technology Holdings Plc, SK hynix Co. Ltd., Sony Group Corp., Toshiba Corp., Transcend Information Inc., and Western Digital Corp..

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Key Market Trends Fueling Growth

Wireless external hard disks have gained traction among individual consumers due to their portability, built-in battery, and embedded Wi-Fi network. These devices offer convenience as they do not require additional wiring to connect to smartphones, tablets, PCs, and laptops. Popular models like the Asus Travelair N, LaCie Fuel, Western Digital My Passport Wireless Pro, and Seagate Wireless 500GB Mobile Storage provide wireless connectivity for easy data transfer and backup. Despite being slightly bulkier than traditional external hard disks, their wireless capabilities outweigh the added size. 

The external hard drive market is booming due to the increasing need for additional data storage in various sectors. With the expansion of high-speed internet infrastructure, the PC sector and gaming industry are major contributors to this growth. High-quality images, videos, games, live-streaming, and game libraries require vast storage space. Enterprises also rely on external hard drives for backup and data management. External SSDs are gaining popularity due to their faster read and write speeds. The USB 4 connectivity standard further enhances data transfer rates. However, external hard drives face challenges from water, dust, and shock during fieldworks. Below 1 TB, 1 TB to 4 TB, and Above 4 TB are common storage capacity options. Consumers use external hard drives for files, folders, documents, software, and even backup for smart devices and computers. Flash drives are still used for smaller files, but external hard drives offer more storage capacity for larger files and folders. Online and offline sales channels cater to different customer needs. Online sales offer convenience, while offline sales provide immediate access and personal assistance. Overall, the external hard drive market continues to grow as data storage demands increase across various sectors. 

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Market Challenges

• The external hard disk market may experience limited growth due to the rising preference for cloud storage among consumers. Cloud storage offers advantages such as accessibility from anywhere, effective collaboration, and robust disaster recovery and backup solutions. Major cloud storage providers like Dropbox, Yandex Disk, Media Fire, and Mega offer free storage, reducing the demand for external hard disks. These factors may significantly impact the market size during the forecast period.
• The external hard drive market faces several challenges in the digital age. With the increasing size of files and folders, there's a growing demand for higher storage capacity. USB external hard drives offer solutions up to terabytes, but USB interfaces have limitations. Computer users seek alternatives like flash drives for mobility, but they lack the capacity for large documents, software, or media. Smart devices, including smartphones, tablets, and mobile devices, add to the demand for external storage. Internet usage continues to rise, with over 4.6 billion internet users, leading to increased online video, audio streaming, downloading, and video conferencing via platforms like Zoom. Cloud storage is a viable option, but some users prefer local backup for security and accessibility. Hard disk designs evolve with HDD interfaces like Optane memory, SSDs, HDDs, RRAM, and advanced recording technologies like heat-assisted magnetic recording and shingled magnetic recording. Hard disks face competition from newer technologies like Helium-filled drives and solid state drives with no moving components or integrated circuits. Operating systems and devices, including laptops and desktop computers, continue to adapt to these advancements.

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Segment Overview 

This external hard disk market report extensively covers market segmentation by

1. Application 
• 1.1 Personal computers
• 1.2 Enterprise applications
2. Type 
• 2.1 Network-attached storage HDD
• 2.2 Portable HDD
• 2.3 Desktop HDD
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Personal computers-  The external hard disk market in the personal computer segment is experiencing a steady increase in demand for portable hard disk drives (HDDs), as many internal hard drives offer storage capacities ranging from 250 GB to 2 TB. Users often employ both external Solid State Drives (SSDs) and HDDs, with SSDs prioritized for performance enhancement. However, the high cost of external SSDs restricts their widespread adoption. Popular external HDDs with 1 TB and 2 TB storage capacity, such as WD My Passport Portable External Hard Drive, Seagate Backup Plus Slim 1TB External Hard Drive, Toshiba Canvio Basics 1TB Portable External Hard Drive, Transcend 1TB External Hard Drive, G-Technology ArmorATD, Seagate Wireless Plus Mobile, WD My Passport Wireless, Toshiba Canvio Basics 3.0, and Seagate Backup Plus Slim, cater to the needs of personal computer users. These devices are utilized to store and transfer software, high-definition photos and videos, digital editing applications, and other data-intensive tasks. Despite this, the demand for external hard disks in the personal computer segment is projected to decline due to the growing preference for cloud storage. Nevertheless, the requirement for local storage solutions to manage large files and applications not suitable for cloud storage will persist, ensuring the external hard disk market's continued growth during the forecast period. Prices for these devices begin at USD75.

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Learn and explore more about Technavio's in-depth research reports

The global Solid State Drive (SSD) market is experiencing significant growth, driven by increasing demand for high-performance storage solutions across various sectors. With advancements in technology, SSDs offer faster data access, enhanced durability, and reduced power consumption compared to traditional hard drives. Major players in the market are continuously innovating to offer higher capacities and improved efficiency. The market is segmented by type, application, and region, with North America and Asia-Pacific leading in adoption. Key drivers include rising data centers, gaming, and consumer electronics applications.

Research Analysis

External hard drives are portable data storage devices that connect to computers via USB interfaces, allowing users to expand their computer's storage capacity. These devices come in various sizes, from terabytes to megabytes, and can store an extensive range of files, including documents, high-quality images, videos, games, and software. In the gaming sector, external hard drives are essential for storing large game libraries, game saves, and downloadable content (DLC). With the rise of high-definition media and increasing file sizes, the demand for external hard drives continues to grow. External SSDs offer faster read and write speeds, making them ideal for live-streaming and video editing. However, external hard drives are susceptible to damage from water and dust, so it's crucial to protect them properly. USB 4 connectivity standards offer faster transfer speeds, making external hard drives an even more attractive option for data storage needs.

Market Research Overview

External hard drives are portable storage devices that connect to computers, smartphones, tablets, and other mobile devices via USB interfaces. They offer large storage capacities, ranging from gigabytes to terabytes, allowing users to store and transport files, folders, documents, software, and multimedia content. With the increasing use of smart devices and the growing internet population, the demand for external hard drives has surged. The market for external hard drives caters to individual consumers and enterprises, offering various capacities to accommodate different needs. The market includes various types of hard drives, such as HDDs and SSDs, with advanced technologies like heat-assisted magnetic recording, shingled magnetic recording, and Helium. The rise of high-speed internet infrastructure, online video and audio streaming, downloading, and video conferencing applications like Zoom have fueled the demand for larger storage capacities. Data centers also rely on external hard drives for backup and storage of large data sets. External hard drives come in various designs, including HDD designs with RGB LED illumination, and solid state drives (SSDs) with no moving components. They are also available in various sizes, from below 1 TB to above 4 TB, catering to different user needs. The market for external hard drives is driven by the growing need for data storage for high-quality images, videos, games, live-streaming, game libraries, and downloadable content (DLC). USB 4 connectivity standards offer faster transfer speeds, making external hard drives an essential accessory for laptops, desktops, and mobile devices. External hard drives are also essential for fieldworks and data-intensive industries, offering a cost-effective and portable solution for storing and transporting large data sets. They are also resilient to water, dust, and shock, making them ideal for outdoor use. The market for external hard drives is expected to grow further with the increasing use of cloud storage and the expanding PC, gaming, and laptop sectors. The market also includes various key trends, such as the adoption of Optane memory, SSDs, RRAM, and advanced recording technologies like heat-assisted magnetic recording and shingled magnetic recording.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Personal Computers
• Enterprise Applications
• Type
• Network-attached Storage HDD
• Portable HDD
• Desktop HDD
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio