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

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.