NAND has been affected by weaker-than-expected consumer demand and high inventory levels which prompted leading suppliers to reduce output through fab underutilisation and production cuts, and growth remains constrained.
HBM is expected to nearly double revenue to $34 billion in 2025 and reach $98 billion by 2030 growing at a 33% CAGR.
Conventional DRAM including DDR, LPDDR, GDDR grew to $80 billion in 2024 and is forecast to expand at 3% CAGR through to 2030
Chinese players like CXMT and YMTC have intensified global competition. In 2024, CXMT disrupted the DRAM segment with low-cost DDR3/DDR4 offerings, prompting major suppliers to expedite their shift to DDR5 and HBM.
By end of 2024, KingBank and Gloway introduced the first Chinese DDR5 modules built with CXMT’s G4 DRAM.
YMTC released its fifth-gen 3D NAND chip using Xtacking 4.0 and a market-leading 294-layer architecture.
Faced with export restrictions, Chinese firms are investing in HBM development.
Competition in the HBM market has intensified in 2025. SK hynix leads with ~54% market share in HBM revenue and bit shipments, supported by a strong alliance with Nvidia, Samsung is fast-tracking HBM3E validation with Nvidia while Micron is ramping its HBM3E production and launching a dedicated Cloud Memory Business Unit to address future growth
“We forecast sustained growth, driven by AI’s transition from training to inference and end-device adoption,” says Yole’s Josephine Lau.
