Hard Disk Drive (HDD) Market Size (2024 - 2029)

The hard disk drive market is experiencing a shift in its market size due to various factors influencing demand and competition. The increasing integration of electronic gadgets into daily life and the adoption of intelligent technologies are driving the need for data storage solutions, supporting market expansion. Efforts by countries to enhance local manufacturing capabilities are also contributing to market growth. Despite these positive trends, the market faces challenges from the growing preference for solid-state drives, which offer advantages such as faster speeds and greater durability, thereby impacting the market share of hard disk drives.

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Market Size of Hard Disk Drive (HDD) Industry

Hard Disk Drive (HDD) Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 19.93 Billion
Market Size (2029) USD 15.53 Billion
CAGR (2024 - 2029) -4.87 %
Market Concentration Low

Major Players

Hard Disk Drive (HDD) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Hard Disk Drives Market Analysis

The Global Hard Disk Drive Market size is estimated at USD 19.93 billion in 2024, and is expected to decline to USD 15.53 billion by 2029.

Hard disk drives (HDDs) are data storage devices used in computers and other electronic devices. They consist of one or more magnetic disks or platters coated with a magnetic material. HDDs provide non-volatile storage, retaining data even when powered off.

  • The increasing penetration of electronic gadgets in the day-to-day lives of consumers is driving the demand for HDDs. Additionally, the recent shift in the technological trends of the consumer electronics industry is expected to support the market's growth further, as the adoption of intelligent, connected technologies/devices is driving the demand for storage drives for storing various types of data.
  • Various countries are taking initiatives to boost their manufacturing hub and reduce reliance on imports, which is further expected to drive market growth. For instance, in August 2023, India abruptly restricted the import of personal computers, including laptops and tablets, to boost local electronics manufacturing. Also, various Indian companies are seeking to manufacture their laptops. For instance, recently, Reliance Jio announced the launch of a new laptop model. Similarly, Primebook, a start-up based in New Delhi, is producing a laptop aimed at students in India.
  • Furthermore, the consumer industry is among the significant adaptors of hard disk drives (HDDs). With consumer appliances becoming smarter every day, these devices are increasingly mounted in a multitude of consumer electronics appliances as recording/storage media. 
  • Apart from their traditional application areas in smartphones and PCs, HDD applications are fast expanding across other consumer electronic devices, such as surveillance camera systems, gaming consoles, and standalone portable storage devices. HDDs can store a large amount of video footage, which is important for surveillance cameras that record continuously.
  • However, over the years, SSD capacities have increased with a decline in prices as the demand has shifted from HDD to SSD from enterprise workloads, such as databases, the first to transition, and client devices, following as users shifted to laptops and tablets. Owing to benefits such as durability, reliability, faster speeds, energy efficiency, lower weight, and practical size/form factors, the SSD demand is growing at a rapid rate, which is eating the HDD market share.

Hard Disk Drives Industry Segmentation

Hard disk drives (HDDs) are data storage devices used in computers and other electronic devices. They consist of one or more magnetic disks or platters coated with a magnetic material. HDDs provide non-volatile storage, retaining data even when powered off.

The hard disk drive (HDD) market is segmented by form factor (2.5 inch and 3.5 inch and others), application (mobile, consumer, desktop, enterprise, nearline, and other applications), and geography (United States, China, Taiwan, South Korea, Japan, Southeast Asia, and Rest of the World). 

The report offers market forecasts and size in value (USD) and volume (units) for all the above segments.

By Form Factor
2.5 inch
3.5 inch and Others
By Application
Mobile
Consumer
Desktop
Enterprise
Nearline
Other Applications
By Geography
United States
China
Taiwan
South Korea
Japan
Southeast Asia
Australia and New Zealand
Latin America
Middle East and Africa
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Hard Disk Drive (HDD) Market Size Summary

The hard disk drive (HDD) market is experiencing a dynamic phase influenced by the increasing integration of electronic devices into daily life and the evolving technological landscape of consumer electronics. HDDs, which provide non-volatile storage through magnetic disks, are seeing sustained demand due to their application in various consumer electronics, including smartphones, PCs, surveillance systems, and gaming consoles. The push for local manufacturing in countries like India, aimed at reducing import reliance, is further propelling market growth. However, the market faces challenges from the rising adoption of solid-state drives (SSDs), which offer advantages such as durability, speed, and energy efficiency, leading to a gradual shift in preference from HDDs to SSDs in both enterprise and consumer sectors.

The consumer electronics industry is rapidly evolving, with increasing data consumption driving the demand for robust storage solutions. The proliferation of smartphones and the expansion of data centers, particularly in regions like the United States, are contributing to the market's expansion. The shift towards cloud computing, accelerated by the need for scalable infrastructure during the pandemic, has also influenced HDD demand. Key industry players, including Seagate, Western Digital, and Toshiba, are actively innovating to maintain their competitive edge, with advancements in HDD technology such as heat-assisted magnetic recording. Despite the competitive landscape, these companies are leveraging strategic initiatives like mergers and acquisitions to enhance their market position and explore new growth opportunities.

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Hard Disk Drive (HDD) Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 An Assessment of the Impact of Key Macroeconomic Trends

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Form Factor

      1. 2.1.1 2.5 inch

      2. 2.1.2 3.5 inch and Others

    2. 2.2 By Application

      1. 2.2.1 Mobile

      2. 2.2.2 Consumer

      3. 2.2.3 Desktop

      4. 2.2.4 Enterprise

      5. 2.2.5 Nearline

      6. 2.2.6 Other Applications

    3. 2.3 By Geography

      1. 2.3.1 United States

      2. 2.3.2 China

      3. 2.3.3 Taiwan

      4. 2.3.4 South Korea

      5. 2.3.5 Japan

      6. 2.3.6 Southeast Asia

      7. 2.3.7 Australia and New Zealand

      8. 2.3.8 Latin America

      9. 2.3.9 Middle East and Africa

Hard Disk Drive (HDD) Market Size FAQs

In 2024, the Hard Disk Drive Market size is expected to reach USD 19.93 billion.

Seagate Technology Holdings plc, Western Digital Corporation, Hewlett Packard Enterprise Development LP, Sony Corporation and Toshiba Corporation are the major companies operating in the Hard Disk Drive Market.

Hard Disk Drives Market Report Snapshots

Hard Disk Drive Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)