Global Printer Market

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 News

  • 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.
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FAQs

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 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. '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'

A significant driver for the growth of 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.

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.

Asia Pacific dominated the 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.

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Global Printer Market

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