Micro SD Cards Market to Reach $16.2 Billion, Globally, by 2032 at 6.9% CAGR: Allied Market Research
Wilmington, Delaware, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Micro SD Cards Market by Capacity (4GB to 16GB, 32GB to 128GB, 256GB to 1TB and Above 1TB) and Application (Smartphones, Tablets, PC, Digital Cameras, Gaming Consoles, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the micro SD cards market was valued at $8.8 billion in 2023 and is estimated to reach $16.2 billion by 2032, growing at a CAGR of 6.9% from 2024 to 2032.
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- 117 – Tables
- 65 – Charts
- 250 – Pages
Prime Determinants of Growth
The global micro SD cards market is experiencing growth due to a surge in demand for high-capacity storage paired with the adoption of Internet of Things devices. However, the surge in the adoption of cloud storage solutions serves as a significant restraint factor for market growth to some extent. Moreover, the technological advancements in storage technology present significant growth opportunities for the expansion of the global micro SD cards market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $8.8 billion |
| Market Size in 2032 | $16.2 billion |
| CAGR | 6.9% |
| No. of Pages in Report | 250 |
| Segments Covered | Capacity, Application, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint |
|
Segment Highlights
In capacity segment, the 32GB to 128GB sector dominates the micro SD card market because it can suit a wide range of consumer groups while maintaining an excellent mix of price and storage capacity. It provides enough room within electronic devices to store photographs, videos, apps, and other materials without increasing the cost of the equipment. It also fits the storage requirements of popular consumer devices including mid-range tablets, gaming consoles, telephones, and cameras. As people become increasingly reliant on digital content for productivity, communication, and entertainment, the demand for storage solutions that strike a balance between capacity and price will only grow.
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By application segment, Smartphones dominated the market, owing to the widespread use and crucial function in modern life contribute to their dominance in the micro SD card sector. Smartphones are versatile devices that may be used for work, leisure, communication, and capturing photos and movies to commemorate memorable occasions. The widespread usage of high-resolution cameras, as well as the growing popularity of generating and sharing content on social media platforms, has increased demand for smartphone storage capacity. Expanding storage capacity with micro SD cards is a cost-effective option, especially for smartphones with limited internal storage. As smartphone companies continue to release new and better models with ever-increasing features and functionalities, the desire for additional storage rises.
Regional Outlook
Asia-Pacific emerged as the market leader for micro SD card revenue in 2023 for a variety of factors, and it is likely to keep that position with the highest CAGR throughout the forecast period. For starters, the region is home to some of the world's most populous countries, including China and India, both of which have large consumer electronics markets. The sheer number of the population, along with expanding disposable incomes, is driving increased demand for electronics such as cameras, tablets, smartphones, and other devices that use micro SD cards for storage.
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Key Players:
- SanDisk (Western Digital)
- Samsung Electronics
- Kingston Technology
- Micron Technology
- Transcend Information
- Lexar
- PNY Technologies
- Toshiba
- Patriot Memory
- Integral Memory
The report provides a detailed analysis of these key players in the global micro SD cards market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- On March 18, 2023: SanDisk revolutionized the micro SD card market with the launch of their Extreme PRO series, boasting capacities up to 1TB and unprecedented read/write speeds exceeding 200MB/s. Designed for professional content creators, these cards addressed the growing demand for high-resolution video recording (including 8K) and burst-mode photography. The Extreme PRO series utilized advanced flash memory technology and innovative error correction mechanisms, ensuring data integrity and reliability in demanding environments.
- On July 02, 2023: Samsung catered to the adventurous spirit with their PRO Plus micro SD card, engineered to withstand extreme conditions. This card featured exceptional water, temperature, X-ray, and magnetic resistance, making it ideal for outdoor enthusiasts, action sports videographers, and travelers. With capacities up to 512GB and fast read/write speeds, the PRO Plus also catered to the needs of content creators who prioritize both durability and performance.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the micro SD cards market analysis from 2024 to 2032 to identify the prevailing micro SD cards market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the micro SD cards market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global micro SD cards market trends, key players, market segments, application areas, and market growth strategies.
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Micro SD Cards Market Key Segments:
By Capacity
- 4GB to 16GB
- 32GB to 128GB
- 256GB to 1TB
- Above 1TB
By Application
- Smartphones
- Tablets
- PC
- Digital Cameras
- Gaming Consoles
- Others
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (UK, Germany, France, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, and Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)
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