YMTC Rises to Third in Global NAND Bit Shipments, Overtaking Micron, Kioxia, and SanDisk

Chinese memory giant Yangtze Memory Technologies (YMTC) is rapidly rising in the global NAND Flash market. According to data from Counterpoint Research, YMTC's market share based on bit shipments rose to third place globally in the second quarter of 2024, overtaking legacy players including Micron Technology (MU-US), Kioxia, and SanDisk (SNDK-US).

Samsung Electronics continues to lead the market with a 25% share, while SK Hynix and its NAND subsidiary Solidigm together hold 22%, ranking second.

YMTC benefited from increased demand both within China and overseas, resulting in a 22% year-on-year and 5% quarter-on-quarter increase in NAND bit shipments during Q2. This growth enabled it to become the world's third-largest supplier.

The rise in YMTC's market share is also linked to advancements in process technology and capacity expansion.

The company's 267-layer 3D NAND, utilizing the Xtacking 4.0 architecture, has entered mass production, with plans to advance to over 300 layers next year. As advanced processes come online and shipment volumes grow, YMTC's competitiveness in the consumer storage market continues to strengthen.

However, increased shipment volume does not directly translate into leading revenue.

Although YMTC ranks third in NAND bit shipment market share, it stands fifth in supplier revenue rankings. This is primarily because its products are still largely focused on the consumer electronics market. In contrast, competitors like Micron and Kioxia have broader exposure to higher-margin enterprise server and AI applications, giving them higher product pricing and stronger revenue generation capabilities.

YMTC's SSD sales outside China remain limited, but the company has begun expanding into overseas markets through major brand partners. For example, Lenovo has started using YMTC SSDs in certain laptops sold in Germany, indicating its products are gradually entering international consumer electronics supply chains.

As YMTC continues to expand its footprint in the consumer market, the number of personal computers adopting its NAND or SSDs is expected to increase. Reports also suggest that Apple (AAPL-US) is considering adding YMTC to its supplier list, although this remains in the evaluation phase and formal adoption has not yet been confirmed.