Tight Upstream Supply and Restocking Drive 2024 DRAM Module Revenue Growth of 7%
September 30, 2025 | TrendForceEstimated reading time: 2 minutes
TrendForce reports that following the completion of inventory digestion in the downstream consumer market concluded at the end of Q4 2023, DRAM suppliers shifted focus towards HBM and server DDR5 products, leading to tighter supply for other DRAM types. This increase in demand pushed overall DRAM prices higher, encouraging module manufacturers to replenish stocks and boost procurement. Consequently, the global DRAM module market achieved USD 13.3 billion in revenue in 2024, a 7% YoY increase that reversed the 28% decline experienced in 2023.
In the latter half of 2024, demand momentum declined due to rising module prices. Module manufacturers struggled to transfer these high chip costs to distribution channels, limiting sales. To stay competitive, some aimed to enhance costs structure by increasing their purchase of cheaper server reball chips.
TrendForce observes that, with the overall market recovering in 2024, most module manufacturers experienced year-over-year revenue growth. However, the extent of growth differed depending on target markets and operational strategies.
In 2024, the leading five DRAM module manufacturers captured 81% of the total global revenue, with the top eight accounting for 83%. Kingston retained a strong 66% market share, maintaining its leading position. However, its revenue growth was slower compared to competitors, due to weaker demand in the consumer segment during the second half of 2024. Kingston remained focused on its high-end brand image, emphasizing profitability.
Explosive growth driven by new business models
ADATA utilized inexpensive inventory accumulated during the 2Q23–3Q23 rebound, aggressively increasing shipments in the first half of 2024. This approach contributed to a 20% rise in revenue, earning it the second spot in the global rankings.
Kimtigo actively broadened its domestic and international channels, leveraging the 2H23 rebound to capitalize on recovery opportunities and projecting a 10% revenue increase in 2024.
Team Group concentrated on the gaming market, increasing its presence in North American e-commerce and distributor channels, while also expanding its enterprise server DRAM projects. These initiatives resulted in a 59% revenue increase, elevating the company to fourth place.
Patriot Memory utilized a diversified portfolio across consumer, gaming, and industrial control sectors, achieving a 12% YoY growth and securing the fifth position.
Innodisk has solidified its position in the industrial sector and is actively growing its edge AI product offerings. By partnering with NVIDIA platforms, it has expanded into new markets, increasing revenue and climbing to sixth place.
Apacer also concentrated on industrial markets and increased operational flexibility by outsourcing manufacturing to partners in India, leading to a modest recovery and securing seventh place.
Agile Gear International (AGI) quickly expanded by entering Amazon Japan, boosting brand awareness and sales. It broke into the top eight globally and achieved the highest revenue growth rate among leading companies.
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