Hard Disk Drive Market - Forecasts from 2024 to 2029

The hard disk drive market is expected to grow at a CAGR of 0.74%, reaching a market size of US$28.811 billion in 2029 from US$27.371 billion in 2022.

The growing use of portable hard disk drives, desktop hard disk drives, and network-attached storage hard disk drives to store operating systems, software programs, and other items on magnetic disks is expected to fuel consistent expansion in the global hard disk drive market. Moreover, the development of smart, connected technologies is boosting the demand for storage drives to store different types of data, therefore it is expected that the recent change in technical trends in the customer electronics industry will aid in the global hard disk drive market growth.

Further, to strengthen their manufacturing base and lessen their dependency on imports, several nations are launching programs, which should further propel market expansion. For instance, to encourage domestic electronics manufacturing, India suddenly banned the import of personal computers, including laptops and tablets, in August 2023. Additionally, several Indian businesses are looking to produce their laptops. Reliance Jio, for example, recently announced the release of a new laptop model. In a similar vein, New Delhi-based startup Primebook is making a laptop specifically for Indian students.

High demand in cloud data centres

The demand for data storage devices is anticipated to rise shortly due to the nearly triple increase in Internet protocol traffic in public cloud data centres. As a result, the hard disk drive market is anticipated to experience significant growth in the upcoming years. The hard disk drive market is expanding due to the growing adoption of cloud storage and other enterprise applications. Furthermore, one of the reasons for the growth in hard disk drive shipments and sales is the stability of the laptop market.

Companies embraced cloud computing solutions quickly in response to the sudden shift to remote work and the need for reliable and scalable infrastructure. Hybrid cloud became popular as businesses tried to combine the benefits of public cloud services with the administration and security of on-premises or private facilities.

Increasing demand in the consumer industry

Hard drive (HDD) adoption is notable in the consumer sector among other industries. These devices are being installed as recording/storage media in an increasing number of consumer electronics appliances as they become smarter by the day. HDD applications are quickly spreading to other consumer electronics devices, such as gaming consoles, standalone portable storage devices, and surveillance camera systems, in addition to their traditional application areas in PCs and smartphones. HDDs have a large capacity for storing video, which is crucial for continuously recording surveillance cameras.

Rising need for storage space

The consumer electronics sector is expanding and changing rapidly. Numerous innovations and new product launches in the industry have resulted in a sharp rise in data consumption as well. Global smartphone subscriptions were estimated by Ericsson to be slightly over 6.4 billion in 2022 and are predicted to surpass 7.5 billion by 2028; this growth is anticipated to increase demand for storage solutions.

Furthermore, Ericsson projects that by the end of 2023, the average monthly usage of smartphones worldwide will surpass 20 GB; this is anticipated to drive up demand for data centres since video is the primary data consumption.

North America is witnessing exponential growth during the forecast period

The growing use of network-attached hard drives and portable devices for operating systems, applications, and other data storage on hard disks will affect the market. These are mostly found in a wide range of consumer and electronic goods. They are made up of a reprogrammable rotating magnetic disk with a magnetic writing head and are mainly used for storing and retrieving digital information, including computer data.

Data centres are a component of the company. They are employed in productivity applications such as e-commerce transactions and business applications to store, manage, back up, and recover data. The market will benefit from the United States' growing data centre population.

For example, Cloudscene reports that as of 2023, the United States held the largest share of data centre locations worldwide, with 5,375 data centres. Germany and the United Kingdom both had 522 and 517 data centre locations, respectively.

Market key launches

• In September 2023, the MG10F Series 22TB[1] HDD, a conventional magnetic recording (CMR) HDD that makes use of Toshiba's 10-disk helium-sealed design, was released by Toshiba Electronic Devices & Storage Corporation (Toshiba). The MG10F 22TB, a crucial component of cloud and storage infrastructure, offers 10% more capacity than Toshiba's previous generation 20TB model. The MG10F 22TB HDDs were created and engineered to satisfy the expanding data storage requirements of its biggest clients. They can be used with a variety of workloads and applications for both traditional data centre use cases and cloud-scale scenarios. The 22TB MG10F's larger capacity enables cloud-scale infrastructure to create higher storage densities at a reduced total cost of ownership.
• In July 2022, Western Digital stated that it has begun distributing its new 22TB HDDs, which were created to target three important markets: WD Red Pro for network attached storage (NAS), WD Purple Pro for smart video/surveillance, and WD Gold HDDs for IT/data centre channel clients. To achieve the density of 2.2TB per platter, these drives make use of OptiNAND technology, energy-assisted PMR (ePMR), triple-stage actuator (TSA), and HelioSeal.
• In March 2022, Seagate Technology LLC launched its “SkyHawk AI 20TB” hard disk drive in India which would be used in network video recorders, and would also support multiple videos & AI streams. 

Segmentation:

By Type

• Internal HDD
• External HDD

By End-User

• Enterprises
• Nearline Storage
• Consumer Use

By Storage Capacity

• Below 1TB
• 1TB and above

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Others