Graphics Tablet Market Size, Share, Growth Analysis, By Component(Tablet, Stylus, Software), By Application(Industrial Design, Animation, Special Effects Film, Advertising), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031

Graphics Tablet Market size was valued at USD 476.58 million in 2019 and is poised to grow from USD 531.39 million in 2023 to USD 1415.42 million by 2031, growing at a CAGR of 11.5% in the forecast period (2024-2031).

The market is dominated by few players. The companies in the graphics tablet market are competitive based on pricing. Key players in the graphics tablet market are adopting strategies like product launch, mergers, and acquisition, and high R&D investments to gain a significant market share. Based on revenue, WACOM is a major player in the graphics market. According to WACOM's annual report from April 2019 to March 2020, net sales reached $765.6 million, up from $773.6 million in the previous year. However, sales of the graphics tablet increased exponentially due to the growing culture of working or studying from home, as well as increased media consumption. According to WACOM's annual report from April 2020 to March 2021, net sales reached $ 938.1 million, a 21% increase over the previous year. 'Wacom Co., Ltd.', 'Huion Animation Technology Co., Ltd.', 'XP-Pen Technology Co., Ltd.', 'Shenzhen Ugee Technology Co., Ltd.', 'Hanvon Ugee Technology Co., Ltd.', 'Gaomon Technology Corporation', 'Parblo Technology Co., Ltd.', 'Turcom Electronics', 'Shenzhen Huion Animation Technology Co., Ltd.', 'VEIKK Technology Co., Ltd.', 'Artisul', 'PenPower Technology Ltd.', 'UGEE Technology Co., Ltd.', 'Yiynova Technology Limited', 'Adesso Inc.', 'Bosto International Co., Ltd.', 'ViewSonic Corporation', 'Hahakee Technology Co., Ltd.', 'Acepen', 'Xencelabs'

In recent years, the rise in digitization, increasing preference for more hi-tech approaches, and technology in most industries have shifted consumers' preference toward graphics tablet. Because they are easier to transport than traditional drawing, these tablets are becoming increasingly popular among artists. It has contributed to graphics tablet market growth, as evidenced by the expansion of market participants.

Some of the trends that will support and accelerate the graphics tablet market are the constantly evolving technologies and formats in the professional creative digital landscape. The market's players are investing in value-added products and researching new technologies such as the Internet of Things (IoT), Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI). These factors are expected to gain traction in the coming years and to have a significant impact on the graphics tablet market.

The North American region accounts for the majority of the graphics tablet market and is expected to grow significantly during the forecast period. The region's market is primarily driven by the trend of early adoption of advanced technologies in the region's developed countries. Early digitization increased the use of graphics tablets for architects, engineers, comics, animations, drafting, designing, and graphic novels in countries such as the United States and Canada. Furthermore, the presence of major market players has aided the market by developing technologies and introducing new products.