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Report Overview

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Global Hardware Wallet Market Outlook

The global hardware wallet market attained a value of nearly USD 402.08 million in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 25.9% to reach approximately USD 3201.20 million by 2034.

Hardware Wallet Market

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Rising Use of Cryptocurrencies for Investments and Transactions Aiding the Market Growth for Hardware Wallet

Cryptocurrencies have witnessed exceptional popularity in the past few years. Moreover, it is also hugely considered as decentralised money that has the potential to lead currencies in the recent future. This is resulting in the extensive use of cryptocurrencies such as Bitcoin and Litecoin for investments and hassle-free international transactions. Hence, the rising use of cryptocurrency is increasing the demand for hardware wallets for the storage of private keys. As hacks and thefts are common in cryptocurrency, it is increasing the demand for hardware wallets to store digital assets safely. This is also augmenting the market growth. Moreover, hardware wallets provide enhanced security to the cryptocurrency as a private key cannot be exposed for hacking or copying. Also, the pin encryption protects the wallet, which can self-destruct itself if the activation is forced. Further, hardware wallets are safe from computer viruses that are designed to attack system software. The device is designed safe and can store multiple currencies at the same time. These factors make hardware wallets the safest storage for cryptocurrencies, which, in turn, is positively impacting the market growth.

Hardware Wallet: Market Segmentation

A hardware wallet, variously known as a cryptocurrency wallet, is a device that can securely store cryptocurrency and enables the management of cryptocurrency funds. It stores a private key for cryptocurrency and protects the information offline in an encrypted device.

Global Hardware Wallet Market by Segment

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The major types of hardware wallet are:

  • USB
  • NFC
  • Bluetooth

The EMR report looks into the regional markets of hardware wallet like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Technological Advancements to Enhance Security of Hardware Wallets to Bolster the Growth of the Hardware Wallet Industry

The mainstreaming of cryptocurrency for various real-use transactions owing to its various benefits such as low costs, trustless ownership, and elimination of traditional banking system, is bolstering the market growth. Hardware wallets provide enhanced security while minimising data breaches, which is significantly aiding the market growth. The development of wireless hardware wallets to ease access and simplify cryptocurrency transactions owing to technological advancements and innovations is augmenting the market growth. The increasing prevalence of cybercrime is also aiding the growth of the hardware wallet industry. Moreover, the advent of blockchains to provide enhanced security and easy transactions of cryptocurrency is expected to further boost the market growth. Additionally, the surge of e-commerce platforms and the wide availability of diverse hardware wallets are anticipated to bolster the market growth.

The rising use of near field communication (NFC) to transfer the data wirelessly in real-time in cryptocurrency wallets is further invigorating the market growth. The shift to non-custodial wallets, which do not save or control private keys, is expected to further propel the market growth for hardware wallet. As NFC technology enables the use of digital wallets in everyday mode of payment, it is increasing the application of cryptocurrency, which is consequently fuelling the market growth for hardware wallets.

Key Industry Players in the Global Hardware Wallet Market

The report presents a detailed analysis of the following key players in the global hardware wallet market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Ledger SAS
  • Ngrave.IO NV
  • Trezor Company s.r.o.
  • Shift Crypto AG
  • SecuX Technology Inc.
  • Key Hodlers, LLC
  • BitKey Technologies, Inc.
  • Sofitto NV
  • ShapeShift AG
  • OPOLO SARL
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Region
Breakup by Type
  • USB
  • NFC
  • Bluetooth
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Ledger SAS
  • Ngrave.IO NV
  • Trezor Company s.r.o.
  • Shift Crypto AG
  • SecuX Technology Inc.
  • Key Hodlers, LLC
  • BitKey Technologies, Inc.
  • Sofitto NV
  • ShapeShift AG
  • OPOLO SARL
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the global hardware wallet market attained a value of nearly USD 402.08 million.

The market is projected to grow at a CAGR of 25.9% between 2025 and 2034.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 3201.20 million by 2034. 

The rising use of cryptocurrency in investments and transactions and the growing concerns regarding thefts and hacks of cryptocurrency are the major market drivers.

The key trends fuelling the market growth are the mainstreaming of cryptocurrency for various real-use transactions, the development of wireless hardware wallets, the rising use of near field communication (NFC), and the shift to non-custodial wallets.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major types of hardware wallet in the market are USB, NFC, and Bluetooth.

The key market players include Ledger SAS, Ngrave.IO NV, Trezor Company s.r.o., Shift Crypto AG, SecuX Technology Inc., Key Hodlers, LLC, BitKey Technologies, Inc., Sofitto NV, ShapeShift AG, and OPOLO SARL, among others.

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