There are 2 main categories, both with sub-types you can choose from depending on your requirements in terms of cost, MB/s, IOPs, throughput, latency, capacity, and volume durability.

SSD (Solid State Drive): optimized for transactional workloads involving frequent read/write operations with small I/O size, where the dominant performance attribute is IOPS. Use cases are boot volumes for EC2 or databases.

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HDD (Hard Disk Drives): optimized for large streaming workloads where the dominant performance attribute is throughput. Use case are Big data and data warehouses. They can't be used to boot a volume.