The market for digital audio players continues its rapid growth as MP3 players acquire more features, expand their storage capability, and become cheaper. As the data density of hard disk drives and flash memory chips rises, prices for memory continue to decline rapidly. In turn, this lowers the prices of MP3 players. This growing combination of versatility and affordability has encouraged Korean securities house Goodmorning Shinhan to predict that the market will reach US$3.4 billion worldwide by 2007, creating a serious dent in the global CD player markets. Goodmorning Shinhan also forecasts that MP3 players will replace about 22.5 percent of the CD market.
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