The Global NAND Flash Memory Market Growth Accelerated by Increasing Adoption of Smartphones
Author : Purvaja Jadhao | Published On : 23 Jan 2024
NAND flash memory is a type of non-volatile semiconductor flash memory used in many portable electronic devices such as USB flash drives, memory cards, solid-state drives, and smartphones. NAND flash memory offers advantages like low power consumption, shock resistance, compact size, and high data transfer speeds. The growing popularity of smartphones has fueled the demand for high-capacity NAND flash memory chips.
The global NAND flash memory Market is estimated to be valued at US$ 80.93 billion in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
3D NAND technology is being widely adopted to meet the rising demand for high-capacity storage. 3D NAND flash memory provides significantly higher storage density by stacking storage cells vertically in multiple layers. Leading manufacturers are focused on development of 3D NAND flash chips with 128 or more layers. Increased adoption of this technology is expected to support growth of the NAND flash memory market. Stacked 3D NAND architecture enables manufacturers to scale memory densities higher than planar NAND and meet the massive storage requirements of applications like smartphones, SSDs, and cloud storage systems.
Segment Analysis
The global NAND flash memory market is dominated by the embedded segment which held around 56% share in 2024. The embedded segment includes devices like SSDs, USB drives, memory cards etc which uses NAND flash memory. Its large share is due to robust demand from smartphones, tablets and other portable devices where high density NAND flash storage is becoming a norm. With increasing usage of portable devices and demand for higher storage, the embedded segment is expected to continue dominating the market during the forecast period.
Key Takeaways
The Global NAND Flash Memory Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global NAND flash memory Market is estimated to be valued at US$ 80.93 billion in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific region currently dominates the global NAND flash market with a share of over 40% in 2024. Rapid growth of smartphones and tablets markets in countries like China and India is driving the demand. Additionally, presence of leading memory manufacturers in countries like South Korea and emergence of domestic players in China has made Asia Pacific the center for NAND flash production.
Key players related content comprises: 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.
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