USB 3.0 Flash Drives Market - Dynamics, Comprehensive Analysis, Business Growth, Prospects and Opportunities 2020

Competition in the U.S., Europe, and Asia Pacific USB 3.0 flash drives market is slated to become cutthroat going forward with manufacturers flocking to these markets to reap a windfall from spiking demand. The competition will also likely intensify on account of aggressive efforts of prominent international manufacturers along with savvy regional vendors for further product development leveraging cutting-edge technologies.

As per a report by Transparency Market Research, Europe, the U.S., and Asia Pacific together are predicted to rake in a revenue of US$3,115.6 mn by the end of 2020 in the USB 3.0 flash drives market by rising at a stellar CAGR of 23.5%. Their combined revenue was US$1,123.9 mn in 2015.

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Majorly boosting the global USB 3.0 flash drives market is the rise in volumes of data being transferred. Digital data is not just growing number-wise, but also increasing in virtual size due to improving quality. Copies of music files and movie files, for example, are becoming larger on account of better quality.

Besides the increase in the volume of digital data, consumers’ quest for better and faster ways to transfer data has also stoked growth in the market. Other factors driving the market are the advantages of USB 3.0 technology over conventional USB technology and continued focus on product development, particularly in chip-on-board USB 3.0 flash drives.

Damping demand in the USB 3.0 flash drives market is the steep manufacturing costs of the devices. Manufacturers are struggling to maintain the line between profit and loss while attempting to bring down the cost of products. With more effective manufacturing methods coming up, it is hoped that players will be able to cut cost of production in the years to come.

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Capacity-wise, the global USB 3.0 flash drives market can be classified leveraging the data size markers of 4 GB, 16 GB, 64 GB, 128 GB, and 256 GB. Among them, the segments of 16 GB to 64 GB lead the market in terms of demand and production volume. Besides, progress in technology are making the physical size of flash drives even smaller. Hence, USB 3.0 flash drives having storage capacity of 128 GB to 256 GB and even those over 256 GB are seeing demand.

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