DRAM module revenue surged 59% in 2025 as AI crowds out mainstream supply

The year split in two. In the first half, module makers stockpiled DDR4 chips ahead of tariffs and supplier end-of-life plans. They also supplied PC OEMs and other consumer electronics customers that had pulled forward procurement in response to tariffs. 

In the second half, North American and Chinese cloud service providers ramped server DRAM orders to support agentic AI workloads – and that demand surge crowded out allocations for PC and consumer applications, pushing prices higher across the board. Most module makers saw revenues climb sharply in H2 as both volumes and prices moved in their favour.

The shift also accelerated the generational transition: module makers moved DDR5 to their primary product line in the second half of the year, while expanding into industrial and enterprise server segments where customers can better absorb price swings, TrendForce reports.

Market concentration remained high. The top five module makers accounted for 77% of total revenue, with Kingston alone holding a 62% share. The company built ample inventory through 2024 and into 2025, then moved aggressively into the channel as prices strengthened — driving full-year revenue growth of 48%.

Among the other top-ranked players, Ramaxel posted the strongest growth at 153% YoY, driven by expanded RDIMM partnerships with domestic Chinese DRAM suppliers and cloud providers. ADATA grew 82%, with low-cost inventory accumulated in the previous cycle translating into stronger margins as upstream supply tightened. Innodisk, focused on the industrial market, rose 132%, with edge AI projects contributing a growing share of its revenue. Apacer gained 96%, Patriot Memory 89%.

Kimtigo and AGI grew more modestly at 20% and 26% respectively, with both primarily serving consumer and domestic Chinese markets where the pricing upside was less pronounced.