The latest TrendForce report has revealed the list of top NAND Flash suppliers – based on their market share — in Q3 2024.
The top NAND Flash suppliers in Q3 2024 include Samsung (35.2 percent share), SK Hynix (20.6 percent), Kioxia (15.1 percent), Micron (14.2 percent), Western Digital (10.7 percent).
The size of the global NAND Flash industry was $17.6 billion, making a 4.8 percent QoQ increase, in Q3 2024.
There was a 2 percent QoQ drop in NAND Flash bit shipments in 3Q24. There was a 7 percent rise in ASP of NAND Flash.
TrendForce reported a divergence in NAND Flash pricing trends across application segments in 3Q24. Enterprise SSDs experienced a nearly 15 percent increase in average selling price (ASP) due to strong demand, while client SSD prices showed modest growth amid declining orders. Orders for smartphone NAND Flash remained low as Chinese smartphone brands adhered to low-inventory strategies, leaving contract prices largely unchanged. Conversely, wafer contract prices began to decline due to weak retail market demand.
Looking to 4Q24, the NAND Flash industry is projected to face increased challenges. Enterprise SSD prices are expected to remain stable, but contract prices for other products are starting to decline. Consumer brands are anticipated to reduce inventory levels by year-end, leading to weakened demand. TrendForce forecasts a nearly 10 percent quarter-over-quarter decline in industry revenue for 4Q24.
Major suppliers
Samsung retained its top position in revenue rankings, with strong enterprise SSD demand in North America offsetting smartphone shipment declines. Despite a 5 percent drop in bit shipments, higher ASP helped Samsung maintain $6.2 billion in revenue, comparable to 2Q24. However, Samsung’s NAND Flash revenue is projected to dip slightly in 4Q24 due to weaker order momentum.
SK Group, which includes SK hynix and Solidigm, ranked second in revenue. A 15 percent drop in bit shipments driven by weak smartphone and PC demand was mitigated by strong enterprise SSD performance, boosting profitability. Stable shipments in 4Q24 are expected to help SK Group maintain flat revenue despite moderating price growth for enterprise SSDs.
Kioxia ranked third in revenue, followed by Micron and Western Digital/SanDisk (WDC). Kioxia saw a 9 percent rise in bit shipments and revenue growth due to seasonal U.S. smartphone production peaks and increased enterprise SSD shipments. However, with the seasonal production peak ending, Kioxia’s revenue is expected to drop by over 10 percent in 4Q24.
Micron recorded a 10 percent quarter-over-quarter increase in bit shipments and a 26.6 percent revenue growth to $2.51 billion, driven by higher ASP. However, expected declines in product shipments outside enterprise SSDs may lead to a slight revenue decrease in 4Q24.
WDC exceeded expectations with a 15 percent quarter-over-quarter increase in bit shipments. However, a higher mix of low-end products impacted ASP, limiting revenue growth to 7 percent.
