Market Insights Consumer Consumer Electronics Computing

Storage Units - Worldwide

Worldwide

The Storage Units market worldwide is projected to generate a revenue of US$40.0bn in 2024.
This market is anticipated to grow at an annual rate of 2.02% (CAGR 2024-2029).
Among all countries, in China leads in terms of revenue generation with US$9,423.0m in 2024.
In relation to the total population, the per person revenues for the Storage Units market are estimated to be US$5.16 in 2024.
Looking ahead, the volume of the Storage Units market is expected to reach 2.7bn pieces by 2029.
However, a slight decline in volume growth of 0.3% is predicted for 2025.
On average, each person is expected to utilize 0.3pieces units in the Storage Units market in 2024.
In the United States, the storage unit market is booming due to an increase in downsizing and the need for extra space.

Key regions: Brazil, United States, Canada, Germany, China

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.