External Hard Disk Market Size, Share, Growth, Trends, and Global Industry Analysis: By Form Factor (2.5 inch, 3.5 inch, and Others), By Application (Mobile, Consumer Desktop, Enterprise, Nearline, and Other Applications), By Capacity (Less than 1TB, 1-5TB, and Above 5TB), By Interface (USB 3.0, USB 2.0, Thunderbolt, and USB-C), and Region

External Hard Disk Market size was valued at US$ 4,897.2 million in 2023 and is poised to grow at a CAGR of 6.4% from 2024 to 2030. External hard disks are portable storage devices crucial for data backup, storage expansion, and file transfer across various applications. The market is segmented by form factor, with 2.5-inch drives dominating the portable segment due to their compact size and lower power consumption, while 3.5-inch drives cater to high-capacity needs in desktop and enterprise environments. In terms of applications, the market serves diverse needs. The mobile segment is growing rapidly, driven by the increasing need for portable storage solutions for laptops and tablets.

Consumer desktop applications remain steady, with users requiring large capacities for media storage and backups. The enterprise segment is experiencing significant growth, fuelled by increasing data generation in businesses and the need for reliable, high-capacity storage solutions. Nearline storage, bridging the gap between online and offline storage, is gaining traction as organizations seek cost-effective solutions for storing large amounts of less frequently accessed data.

The increasing volume of digital content, growing need for data security, and rising adoption of high-resolution media are driving the market across all form factors and applications. Additionally, the shift towards remote work and digital transformation across industries has further boosted demand for reliable storage solutions. Technological advancements such as the development of solid-state drives (SSDs), helium-filled drives, and higher capacity hard disk drives (HDDs) contribute to market growth by improving performance, reliability, and storage capabilities across different form factors and applications.

However, challenges such as the rising popularity of cloud storage services and the decreasing cost of internal SSDs may impact market growth, particularly in the consumer desktop segment. Despite these challenges, concerns about data privacy and the need for offline backups continue to support the market, especially in enterprise and nearline applications. The Asia Pacific region is expected to show the fastest growth during the forecast period, driven by rapid digitalization and a growing tech-savvy population.

Key Developments

In 2023, Western Digital introduced the My Passport SSD with capacities up to 4TB, featuring:

• 5-inch form factor for portability
• Read speeds up to 1050MB/s and write speeds up to 1000MB/s
• Targeting mobile and consumer desktop applications
• Password-enabled 256-bit AES hardware encryption