The global hard disk drive market stood at around USD 36,500 million in 2022 and is slated to increase at a CAGR of 12% to reach a valuation of USD 126,967 million by 2033. As of 2023, a valuation of USD 40,880 million is projected for the market. The hard disk drive market accounted for around 55% of the data storage market.
| Attribute | Details |
|---|---|
| 2023 Market Value | USD 40,880 million |
| 2033 Market Value | USD 126,967 million |
| CAGR (2023 to 2033) | 12% |
Rising adoption of portable HDDs, desktop HDDs, and network-attached storage HDDs to store operating systems, software programs, and other files using magnetic disks are set to witness steady growth in the global hard disk drive market. The growing need for storage of data on flash drives and solid state drives (SSD) by enterprises are expected to drive the demand for the hard disk drive market.
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The global hard disk drive market was valued at USD 21,998.0 million in 2018. The demand for hard disk drives rises at the rate of CAGR of 10% during the period 2018 to 2022.
As per Future Market Insights (FMI), North America followed by Europe region is the leading global market. North America is set to witness a sizeable chunk of the market due to the presence of data storage companies, such as Seagate Technology plc, Hewlett Packard Company, and Buffalo Americas, Inc. in the region. The desktop HDDs segment is set to witness the highest CAGR of 12.3% over the forecasted period.
Hard disk drive (HDD) also called a hard drive or hard disk, is a non-volatile memory and storage hardware that utilizes magnetic storage technology in order to store digital information using a single or multiple magnetic material-coated, rigid, rapidly rotating disks (or platters). The data stored in hard disk drives are accessed in a random-access manner, which means individual digital information can be retrieved and archived in any order, and not only sequentially.
The factors such as the adoption of magnetic storage systems to cater to ever-rising data volumes, the offline nature of HDD storage technology, less frequent data backup, and low restoration speed in tape storage systems are expected to drive the demand for the hard disk drive market.
Disk-based data backup devices have replaced tape storage devices as the preferred media for backups, as disks provide random access that enables various organizations in finding specific data, quickly. Therefore, less frequent data backup and low restoration speed in tape storage systems drive the global hard disk drive market.
Due to persistent ransomware attacks on the networks of various organizations, they have started procuring efficient magnetic storage technologies. This prevents the information stored on these tapes from falling prey to cyber-attacks, as they are not connected to the network of the organization. Thus rising adoption of magnetic storage systems and the offline nature of HDD storage technology is set to drive the hard disk drive market.
Currently, the United States market anticipates the largest consumption of hard disk drives in the North American region and is expected to grow at a 9.5% CAGR from 2023 to 2033. United States hard disk drive sales are expected to expand by 1.7x by 2033.
The United States market witnessed higher growth in the hard disk drive market, which attributes to rising investments in upgraded hard disc storage capacity formats by HDD manufacturers every two to three years. Thus increasing investment in hard disk drive technologies is expected to drive the demand for the United States hard disk drive market.
China is set to register exponential growth of hard disk drives with a CAGR of 9% from 2023 to 2033. China's market is anticipated to create an absolute dollar opportunity of USD 1,500 million from 2023 to 2033.
For instance, in April 2021, Chia cryptocurrency caused hard drive and SSD shortages. It relies on free storage space than processing performance for mining. Many miners in China purchased as many SSDs and hard drives which resulted in high demand for all 4TB to 18TB drives in China. Therefore, such development in the country ultimately fuels the demand for the hard disk drive market.
The United Kingdom market is set to report one of the largest consumption of hard disk drives in Europe region, and the market size is expected to rise by 1.6X by 2033. The United Kindgom is anticipated to create an absolute dollar opportunity of USD 1,600.6 million from 2023 to 2033.
The United Kingdom has developed infrastructure for a majority of information technology infrastructure developers and related service providers. A rapid shift from traditional to converged infrastructure solutions by many enterprises creates a potential opportunity for enterprise-grade hard disk drive storage vendors. Therefore, the presence of developed infrastructure for data storage management within enterprises in the country is to witness huge growth for the hard disk drive market.
Network-attached storage HDDs segment by drive type is poised to dominate the hard disk drive market and is expected to rise 2.0X by 2033. The desktop HDDs segment is set to witness the highest growth rate of 12.5% CAGR from 2023 to 2033.
Network-attached storage (NAS) HDDs are storage devices that enable multiple users and varied clients to store and retrieve data from a centralized location in an enterprise. It also provides the infrastructure to consolidate storage in one place and to support tasks, such as data archival and backup. Thus rising adoption of network-attached storage (NAS) HDDs by many enterprises to make easily distributed work environments using a wireless router, is driving the demand for the network-attached storage HDDs segment.
The demand for the USB 3.0 HDD segment by drive interface is projected to dominate the hard disk drive market. USB 3.1 Gen2 HDD segment is expected to grow at the highest CAGR of around 18.5% over the forecasted period. However, USB 3.0 segment is estimated to grow almost 1.8X market by 2033.
USB 3.0 provides a 5Gbps transfer speed and about 10 times more theoretical speed than USB 2.0. USB 3.0 provide a higher nominal current of 900mA compared to USB 2.0. 500mA. USB 3.1 Gen2 offers features such as high capacity storage capability of 12TB (6TB per drive), 10 Gbps communication rates, and others. This rising adoption of USB 3.1 Gen2 over other segments is set to fuel the demand for the USB 3.0 segment over the forecasted period.
On the basis of storage capacity, the 250GB HDD - 1TB HDD segment is expected to be a dominating segment. The market size of the 250GB - 1TB segment is expected to expand up to 2.1X by 2033. The above 1TB segment is set to register the highest growth at the rate of CAGR of 14% from 2023 to 2033.
HDD manufacturers launch upgraded hard disk drive storage capacity formats every two to three years. Hard disk drives are majorly used in various aspects such as big data management, tiered storage, improved utilization, virtualization, data classification, high availability, data security, and various data storage-related priorities. Thus to store huge amount of data enterprises needs large data storage systems. Therefore, the 250GB - 1TB segment witnessed lucrative growth over the forecasted period.
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Many key hard disk drive manufacturers are inclined at investing heavily in innovation, Research, and Development practices to uncover increased applications of the hard disk drive. With the use of technology, vendors also try to accelerate their business transformation and growth objectives by increasing their partner base.
| Attribute | Details |
|---|---|
| Expected Market Value in 2023 | USD 40,880 million |
| Anticipated Market Value in 2033 | USD 126,967 million |
| Growth Rate | CAGR of 12% from 2023 to 2033 |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Market Segments Covered | Storage Capacity, Drive Interface, Drive Type, Power Source, Region |
| Key Companies Profiled | Western Digital Corporation; Seagate Technology LLC; Toshiba Corporation; Transcend; ADATA Technology Co. Ltd.; Hewlett Packard Enterprise Development ; LP; Buffalo Americas Inc. |
| Customization & Pricing | Available upon Request |
The hard disk drive market is valued at USD 40,880 million in 2023.
The hard disk drive market is expected to rise at a 12% CAGR through 2033.
The United States hard disk drive market is estimated to rise at a 9.5% CAGR through 2033.
The United Kingdom is likely to create an absolute dollar opportunity worth USD 1,600.6 million by 2033.
The network-attached storage HDDs segment may dominate at a 12.5% CAGR through 2033.
| Estimated Size, 2024 | USD 29,130.1 million |
|---|---|
| Projected Size, 2034 | USD 171,242.7 million |
| Value-based CAGR (2024 to 2034) | 19.4% CAGR |
| Market Size Value in 2023 | USD 24.6 million |
|---|---|
| Market Forecast Value in 2033 | USD 174.0 million |
| Market Growth Rate (2023 to 2033) | 21.6% |
| Market Value (2022) | US$ 3.5 Billion |
|---|---|
| Market Anticipated Value (2032) | US$ 37.14 Million |
| Market Projected CAGR (2022 to 2032) | 28% |
| Market Valuation (2022) | USD 1898 million |
|---|---|
| Market Anticipated Value (2032) | USD 6880 million |
| Market Anticipated CAGR (2022 to 2032) | 13.7% |
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