Printer Market
Report ID: SQMIG20D2192
Printer Market Size, Share, Growth Analysis, By Technology Type(Inkjet Printer, Laser Printer, LED Printer, Others), By End Use(Residential, Commercial, Educational Institutions, Enterprises), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2192 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
67
|Figures:
75
Printer Market Insights
Printer Market size was valued at USD 45.21 billion in 2019 and is poised to grow from USD 47.5 billion in 2023 to USD 74.13 billion by 2031, growing at a CAGR of 5.07% in the forecast period (2024-2031).
The printer is an electronic tool used to print text and images from computers onto various types of paper or printing media. There are many different ways to connect printers to computers, such as using a dedicated data cable like USB, a short-range radio like Bluetooth, a local area network using cables (like Ethernet) or radio (like WiFi), or using a memory card or other portable data storage device without a computer. Other than line printers, the majority of printers accept control characters or special character sequences to control various printer functionalities. According to studies, 94.36 million hardcopy peripheral units, such as printers, copiers, and multifunctional systems, were shipped globally in 2019. While printers are now primarily used in computing and information technology, 3D printing for industrial uses has developed recently.
Increasing demand in corporate sector is promoting market growth. Due to applications that put the cost effectiveness of the printer ahead of print quality, dot-matrix technology is expected to see a significant increase in demand. The market is divided up based on end users into the business and corporate, educational, printing, and media sectors, as well as the consumer and public sectors. Over the forecast period, growing benefits such as the ability to print on large format digital printers and the high quality of images due to improved sharpness and colour intensity will boost industry size. The printing industry uses large format printers extensively, which will drive demand during the forecast period. But over the forecast period, high equipment costs are expected to limit industry growth.
US Printer Market is poised to grow at a sustainable CAGR for the next forecast year.
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Printer Market Segmental Analysis
Global printer market is segmented based on the technology type, end use and region. Based on technology type, the market is segmented into Inkjet printer, laser printer, LED printer, and others. Based on end-user, the market is segmented into residential, commercial, educational institutions, enterprises, government, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Printer Market Analysis by Technology Type
Based on technology type, the market is segmented into inkjet printer, laser printer, led printer, and others. The segment of Inkjet printers acquired larger market share. Inkjet printers are excellent for printing graphics, colour text, and pictures since they print images using ink. They are typically used as backup printers because they are not as effective for printing black and white text and for printing colour text (they produce pages more slowly and with lower-quality black and white text than laser printers) (they produce pages slower and with lower-quality black and white text than laser printers). Inkjet printers can cost four to five times as much per page as laser printers, depending on the amount of ink used.
Printer Market Analysis by End Use
Based on End-User, the market is segmented into Residential, Commercial, Educational Institutions, Enterprises, Government, and Others. The commercial segment held the larger market share owing to the rising use of Inkjet Printers for commercial purposes. Due to the increased use of these printers to print changeable data, such as QR codes and barcodes, for attaining anti-counterfeiting traceability and strengthening the brand's offline and online interactions with customers the commercial segment is growing at a higher rate. In educational sector the use of 3D printers is highly popularized owing to its benefits thus facilitating the growth of segment. The use of 3D printing in education helps students and teachers learn more effectively, enhance their abilities, and become more interested in the subject matter. Additionally, 3D printing encourages increased cooperation and creativity in problem-solving.
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Printer Market Regional Insights
Asia Pacific dominated the global market in 2021. Given the existence of numerous major market players in Asia-Pacific, the demand for printers is increasing. In addition to being a domestic market for businesses like Canon Inc., Seiko Epson Corporation, Ricoh Co., Ltd, Fujifilm Holdings Corporation, Brother Industries Ltd, etc., Japan is home to many of these market participants.
Due to limitations in customer enterprises, printing hardware sales in the region decreased, which also affected the sales of related consumables. Due to the growing popularity of working and studying remotely in nations like China and Japan as well as the market recovery in some emerging nations for remote working and education, market vendors have seen an increase in inkjet printer sales. End customers in the region are also embracing new technologies for their printing needs. Additionally, market providers are concentrating on expanding their presence in developing nations like India. For instance, Replika Press Pvt. Ltd. installed the VarioPrint i300, a B3 sheet-fed inkjet colour digital printer, according to a September 2020 announcement from Canon India. The sophisticated inkjet technology was first installed by Replika Press, a company in India.
Additionally, Pantum, a developer and producer of laser printers and printing solutions, announced the introduction of the Elite Series printer in the Indian market in January 2021, which includes the colour laser printer model and A4 laser printer. Commercial and promotional printing, including calendars, diaries, brochures, catalogues, etc., has been negatively impacted by the widespread adoption of digital printing by businesses. As an illustration, the Life Insurance Company (LIC) stopped printing diaries in 2020, and numerous other government agencies and businesses did the same.
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Printer Market Dynamics
Printer Market Driver
- A significant driver for the growth of global printer market is the increased demand from SMEs around the world. SMEs play a large role in a nation's GDP and are a major source of employment in several nations, including India, China, Germany, and the UK. Thus, SMEs are essential to a nation's economic growth, particularly in terms of production, employment creation, export contribution, and aiding the equitable distribution of revenue among diverse nations. One of the key office tools for SMEs is a printer because it enables them to print a number of papers, including invoices, marketing materials, and memoranda for use across offices. Small and medium-sized businesses (SMEs) have different printing needs than major corporations and ordinary home printers. SMEs invest primarily in multifunction printing equipment that may meet their business needs at the lowest possible cost.
- Another important element driving the global printer market is the introduction of ink tank printers. Due to their excellent print quality, low cost, and rapid printing, ink tank printers are becoming more popular. There is a separate ink tank for each colour, including cyan, yellow, black, and magenta, with this particular model of printer. An ink tank printer is more expensive than an inkjet printer. In contrast to other printers, ink tank printers have low operating costs and low cost per print. An ink tank printer has a longer lifespan because it is constructed of sturdy materials. Due of their benefits, consumers have begun using ink tank printers, and printer makers have launched various ink tank printer models to cater to the growing demand.
Printer Market Restraint
During the forecast period, the digitization of businesses will pose a significant challenge to the expansion of the global printer market share. Businesses use online platforms to share information and advertise their goods and services. Instead of using printed materials, companies are now using electronic versions of documents like e-brochures, e-catalogs, e-annual reports, and e-manuals. The adoption of various digital channels by businesses to market their goods and services and disseminate important information is being fueled by the growing number of Internet users, the increased adoption of smartphones, and advancements in communication network infrastructure. The expansion of the global printer market has also been impacted by the emergence of cloud-based storage options like Dropbox and Google Drive.
- One of the main things preventing the printer market from expanding is the high operating costs of the printer. Inkjet printers are the least expensive type of printer, but they cost a lot to run. These budget printers require two ink cartridges to function: one black and one coloured, and brand-name replacements for both can cost between $40 and $60. Users who print a lot will need to replace them frequently, and in some cases, the total cost of a replacement set of colour ink cartridges may be more expensive than the cost of an inkjet printer when purchased new. As a result, the growth of the printer market in the upcoming years will be constrained by the high operating costs of printers.
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Printer Market Competitive Landscape
The global printer market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Players in the Global Printer Market
- HP Inc.,
- Canon Inc.
- Epson
- Seiko Epson Corp
- Brother Industries, Ltd.,
- Xerox Corporation
- Ricoh Company, Ltd.
- Kyocera Corporation
- Konica Minolta, Inc.
- Lexmark International, Inc.
- Samsung Electronics Co., Ltd.
- Panasonic Corporation
- Toshiba Corporation
- Fujitsu Ltd.
- Oki Electric Industry Co., Ltd.
- Sharp Corporation
- NEC Corporation
- Dell Technologies Inc.
- Lenovo Group Limited
- Zebra Technologies Corporation
Printer Market Recent Developments
- In Aug 2022, Epson introduced the FC2012AN and FC3215AN –two new families of quartz crystal units that deliver very low equivalent series resistance (ESR) and extremely tight frequency tolerance in an ultra-compact form factor. Equipped with a newly redesigned crystal element based on Epson's in-house design and decades of production technology expertise, these crystals are ideal for a variety of markets and applications such as IoT, wearables, medical, industrial, security surveillance and consumer electronics.
- In March 2022, HP Inc. announced a definitive agreement to acquire Poly, a leading global provider of workplace collaboration solutions. The acquisition accelerates HP’s strategy to create a more growth-oriented portfolio, further strengthens its industry opportunity in hybrid work solutions, and positions the company for long-term sustainable growth and value creation.
Printer Key Market Trends
- The demand for multifunctional printers is expected to drive the market growth. As customers have become more energy-neutral over the past few years, the demand for MFPs has increased significantly. As standalone printers consume a lot of energy, businesses had to come up with print management techniques that included equipment upgrades and control over their print, copy, and mail centres. Companies like Ricoh, HP, Canon, and EPSON often spend money on research and development to enhance their products. For instance, Ricoh introduced the monochrome RICOH IM 9000/8000/7000 in January 2021, reflecting a comprehensive representation of all the essential products in their advanced MFP range. Epson introduced the WorkForce Enterprise WF-M21000 monochrome A3 multifunction printer in April 2021 to compete with it, printing at 100 ISO pages per minute. Additionally, MFPs offer greater security than standalone printers. The dangers are low and they are easier for IT staff to secure than individual desktop printers because they use fewer units and equipment with less variation.
- Increasing demand for 3D printer would fuel market expansion. Before the design is complete, 3D printers employ an approach known as additive processing to form (or print) actual items layer by layer. The advantages that 3D printers offer for production are being recognised by businesses in a wide range of sectors, from consumer goods to the automotive industry. According to Sculpteo 's 2019 State of 3D Printing study, around 52% of companies are currently adopting 3D printing for manufacturing. For instance, prestigious automakers like Ford, BMW, and Volkswagen are already creating parts for their vehicles that can be printed in 3D.
Printer Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global printer market analysis, in terms of technology type, the Inkjet printers segment acquired larger market share due to their multifaceted working and efficiency of usage. In terms of end use, the commercial segment held the larger market share owing to the rising use of Inkjet Printers for commercial purposes. Due to the increased use of these printers to print changeable data, such as QR codes and barcodes, for attaining anti-counterfeiting traceability and strengthening the brand's offline and online interactions with customers the commercial segment is growing at a higher rate.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.21 billion |
| Market size value in 2031 | USD 74.13 billion |
| Growth Rate | 5.07% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Printer Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Printer Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Printer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Printer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Printer Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Printer Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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