USB 3.0 Flash Drives Market – Snapshot

The global USB 3.0 flash drives market is currently being driven by the advantages that USB 3.0 technology holds over conventional USB technology. As the need for faster data transfer rates arise due to increasing data volumes and the growing demand for faster functioning technology, users are far more likely to adopt USB 3.0 technology as a replacement to conventional data transfer methods. Key players are focusing greatly on product development, especially in chip-on-board USB 3.0 flash drives.

The combined market size in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market is expected to reach US$3,115.6 mn in revenue by the end of 2020, after being calculated at US$1,123.9 mn in 2015. This revenue is estimated to expand at a prolific CAGR of 23.5% during the forecast period from 2016 to 2020.

APAC to Retain Top Spot in Global USB 3.0 Flash Drives Market

Asia Pacific had been the leading region in the global USB 3.0 flash drives market in terms of production volume as well as demand volume. It is expected that Asia Pacific will remain the leading region in the U.S., Europe, and Asia Pacific market over the coming years, owing to the sheer capacity of manufacturing that this region currently holds.

A large number of the leading players in the global USB 3.0 flash drives market hold prime manufacturing facilities within Asia Pacific, allowing consumers from this region to get a better reach for these products. Additionally, nations such as India and especially China already hold massive consumer pools in the digital electronics markets, allowing easier penetration for players from the global USB 3.0 flash drives market.

Growing Digital Data Volumes Draw Focus on Global USB 3.0 Flash Drives Market

“The global USB 3.0 flash drives market is expected to witness a healthy rate of growth over the coming years. One of the key reasons for the growing demand for USB 3.0 tech is the increase in data volumes being transferred. Digital data is not only increasing in numbers, but also increasing in virtual size due to quality enhancements.

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Common consumer copies of music files and movie files, for instance, are getting larger to accommodate the advancements in quality of each type of file. Given the overall growth in the volume of digital data being used, consumers are looking for better and faster ways to transfer data, which brings USB 3.0 flash drives to their attention,” states a TMR analyst.