The OTG pen drive market, which was valued at US$ 1898 million in 2022, is expected to be valued at US$ 6880 million by 2032, growing at a CAGR of 13.7% during the forecast period.
Because of the increasing digitalization and use of social and web media by people today, the popularity of OTG pen drives is rapidly increasing. The growing popularity of cell phones, such as cell phones and tablets, necessitates the need for adequate extra space, resulting in a plethora of learning opportunities for the OTG pen drive market.
With the advancement of technology, the actual size of the OTG pen drive is constantly decreasing, making them more compact, and as a result, more purchasers are now able to purchase OTG pen drives for simple data exchange to and from PCs and other devices.
The OTG Pen Drive is a connection point between cell phones, for example, cell phones and tablets, and USB gadgets, and it allows cell phones to function as a host, allowing other USB gadgets, for example, USB streak drives, computerized cameras, mice, or consoles, to be connected to them. It also makes it possible for devices to connect directly to one another.
Furthermore, numerous capacity arrangement suppliers have now presented USB drives that highlight a miniature USB port while additionally supporting USB in a hurry usefulness, indicating the potential development opportunities for the OTG pen drive market.
Likewise, different applications of OTG pen drives, for example, enabling the client to interface gadgets like MIDI consoles and regulators, sound contributions for instruments, and sending off a game by interfacing with the telephone, are driving interest in OTG pen drives.
Drivers and Constraints of OTG Pen Drive
One of the primary factors driving the growth of the OTG pen drive market is the increasing number of smartphones with standard micro-USB ports. Furthermore, the growing popularity of printed and secure USB flash drives is propelling the OTG pen drive market forward.
Furthermore, continuous memory capacity enhancements and demand for high-speed data transfer OTG pen drives are some of the factors driving potential growth opportunities in the OTG pen drive market.
One of the major factors impeding the growth of the OTG pen drive market is the fact that many premium smartphones do not support the USB on-the-go function. Furthermore, device compatibility is one of the major factors that could stymie the growth of the OTG pen drive market shortly.
Segmentation of OTG Pen Drives
Segmentation based on storage capacity:
The OTG pen drive Market can be divided into four categories based on storage capacity: 4GB, 8GB, 16GB, 32GB, 64GB, and more than 64GB. Due to the increasing preference of customers for such storage capacity OTG pen drives, 16 GB and 64GB storage capacity OTG pen drives are expected to gain a large market share.