Analytics review: the volume of the global hard drive market grew by 1.6% and reached 123.9 million units over the year

In 2024, 123.9 million hard drives (HDDs) of various types were shipped globally. This is 1.6% more than the previous year, when deliveries were estimated at 121.9 million units. Thus, the first growth in annual sales volume since 2014 has been recorded, which is primarily due to the demand for nearline storage devices. Industry trends are addressed in the Forbes survey, which we reviewed at the end of June 2025.

In a capacitive plan, HDD shipments reportedly reached 1,337 Ebytes, or 1.34 Zbytes, in 2024. This is 49% more than the previous year. Revenue from the sale of hard drives on an annualized basis rose by 48%, amounting to $19.8 billion.

The study said there was a 6.1 per cent increase in average cost (ASP) of hard drives between the third and fourth quarters of 2024. As a result, the HDD price was at a level higher than the end of 1998. This is due to the increased demand for large capacity drives. By the end of 2024, the average price of hard drives reached approximately $170.

At the end of 2024, Western Digital became the leader in HDD supplies on a global scale, whose share was 41% in unit terms. Seagate ranks second, slightly behind, controlling 40% of the industry. Toshiba closes the top three with a score of 19%. In general, as noted, in 2024, the demand for hard drives exceeded supply. Against this background, Seagate and Western Digital reported on the conclusion of long-term agreements with corporate clients and customers in the data center segment.

Analysts note that the global hard drive industry is undergoing significant changes amid the growing popularity of cloud platforms and changing consumer preferences. According to the Flexera Software State of Cloud report, approximately 72% of corporate respondents indicated that their companies will implement a hybrid cloud infrastructure. There has been an increase in demand for scalable storage solutions. Large data center operators and hyperscalers are actively expanding their resources by purchasing large volumes of hard drives.

Artificial intelligence, including generative intelligence, has a positive impact on the industry. Such services form huge data flows, which leads to the need to expand storage. Although solid-state drives (SSDs) deliver better performance, HDDs continue to play a key role in building storage in large data centers because of their high capacity and cost-effectiveness.

Sources:

• https://www.forbes.com/sites/tomcoughlin/2025/03/09/c4q-2024-hdd-industry-update/
• https://tomcoughlin.com/product/digital-storage-technology-newsletter/
• https://info.flexera.com/CM-REPORT-State-of-the-Cloud,
• https://www.softwareone.com/en-ca/blog/articles/2025/05/14/flexera-2025-state-of-the-cloud-recap.