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The Keyboard Market size is estimated to increase by USD 1.23 billion and grow at a CAGR of 5.79% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. Firstly, the rising popularity of e-sports and gaming culture has led to an increase in demand for high-performance keyboards with advanced features such as programmable keys, customizable RGB lighting, and mechanical switches. Secondly, product innovations continue to shape the market, with PC peripheral manufacturers introducing new materials, designs, and technologies to enhance user experience and differentiate their offerings. However, the market is also faced with challenges, including the availability of counterfeit products that threaten to undermine the reputation of legitimate manufacturers and negatively impact consumer trust. To stay competitive, companies must focus on product quality, customer service, and brand reputation, while also investing in research and development to stay ahead of the curve. In summary, the keyboard market is witnessing growth fueled by consumer trends and product innovations, but faces challenges related to counterfeit products that require careful attention from industry players.
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The wired keyboard segment is estimated to witness significant growth during the forecast period. Factors such as the rising adoption of personal computers (PCs) and their increased applications in the education and government sectors are significantly contributing to the growth of this segment. Additionally, the rising e-sports market is also fuelling the adoption. Several market players are collaborating with e-sports organizations to offer gaming peripherals, mice, and mouse pads.
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The wired keyboard segment was the largest segment and was valued at USD 1.89 billion in 2018. Even though there is increasing adoption across sectors, factors such as the requirement for a unique type of cable and connectors, the maintenance of complex wiring, and the expanding wired system are expected to limit its adoption. As a result, there is an increasing preference for the wireless segment among end-users. Several market players are offering more wireless options in the market with the advent of technologies such as Bluetooth and Wi-Fi. Wired keyboards are widely used by corporate companies for personal use and for playing e-sports, but the advent of wireless keyboards and their adoption across various applications can negatively impact the growth of this segment. Hence, this segment is expected to have moderate growth in the global market during the forecast period.
The increasing adoption of keyboards by the corporate segment for internal and external communications increases market growth. Several corporate companies for various modes of communication such as messenger systems, email, word processing, and others. Additionally, these are used as a tool to chat with colleagues across the world by leveraging different messenger tools or video conferencing software. Some of the other applications in the corporate segment include managing and maintaining accounts and personal data, administering projects, creating presentations, and other applications. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increasing adoption of technology in countries such as the US and Canada is contributing to the global market growth in North America. Additionally, the presence of several prominent market players in the region, such as Microsoft, HP, and Dell, are also positively impacting the market growth. These market players have a dominant share in the market due to their large-scale innovative marketing campaigns.
Furthermore, other factors such as early adoption of technology, increasing demand for consumer electronics, rising internet penetration, and data traffic are expected to fuel the adoption in the region. Hence, the increasing adoption across various sectors in North America such as manufacturing, hospitality, IT, and others is expected to fuel the growth in the region during the forecast period.
The Market is witnessing dynamic growth, catering to enterprises, professional individuals, and gamers alike. With options ranging from traditional membrane keyboards to advanced mechanical and optical keyboards, consumers have a plethora of choices to suit their preferences. Technological advancements have led to the development of wireless peripherals utilizing various technologies such as radio frequency, infrared, and Bluetooth, enhancing convenience and flexibility. Gaming keyboards with customizable key switches and keycaps are gaining popularity in the gaming industry, offering enhanced performance and aesthetics. Additionally, the rise of digitalization in the IT sector has fueled demand for multiple platform-compatible keyboards, catering to diverse computing needs. With rapid switch repair or replacement capabilities and ergonomic designs, the keyboard market continues to evolve to meet the demands of modern computing and gaming enthusiasts. In corporate/enterprise settings, tenkeyless (TKL) keyboards equipped with Radio Frequency (RF) technology offer a streamlined design, often complemented by plastic tool for enhanced functionality and durability.
One of the key factors driving the market growth is the growth in the e-commerce industry. There is an increasing adoption of e-commerce platforms among people due to their convenience, security, and time efficiency as well as the rising penetration of the Internet and smartphones. Amazon.com, ALIBABA GROUP, and eBay are some of the popular e-commerce platforms among millennials.
Moreover, the increasing preference for this e-commerce platform is due to its various discounts and detailed descriptions of the product features provided on its online portals. Factors such as a rise in the penetration of the Internet, an increase in customers' trust in online retailing, and the availability of quick shipping are positively impacting the market growth. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the market growth is the growing adoption of gaming consoles. The gaming consoles can be referred to as computer devices that are connected to a display device for video signals or visual image output for playing games. Several new technological advancements such as touch controls, voice recognition, and gesture control are continuously implemented into the consoles.
Additionally, there is increasing popularity for gaming consoles due to the rise in popularity of e-sports. Some of the other gaming options which are available for casual gamers include OUYA, PlayStation Vita TV, Amazon Fire TV, as well as Apple TV. Hence, the increasing demand for gaming consoles will positively impact the market growth. Hence, such factors are expected to drive market growth during the forecast period.
The availability of counterfeit products is one of the key challenges hindering the market growth. There is an increasing demand for counterfeit products among consumers price-sensitive end-users and those unaware of branded products as they are cheap, attractive, and similar copies of big brands. Hence, the presence of such cheap counterfeit products results in price wars in the market.
Furthermore, there is an increasing availability of these counterfeit products through every distribution channel, including physical and online retail stores in each country despite several efforts by companies and other stakeholders to restrict the sale of these products. Therefore, it is negatively impacting the market growth. hence, such factors are expected to hinder the market during the forecast period.
The market industry report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is thriving with advancements in technology and catering to various industries and individuals. From conventional membrane keyboards to cutting-edge mechanical keyboard technology, the market offers a wide range of options to meet diverse needs. Artificial Intelligence (AI) and machine learning (ML) are revolutionizing keyboard design, enabling features like natural language processing and voice recognition technology. Ergonomic keyboards address concerns about repetitive strain injuries (RSI), while gaming keyboards boast rapid response times and tactile switches for professional gamers. Wireless peripherals, including wireless mechanical keyboards and wireless gaming keypads, offer convenience and flexibility. With improvements in key switches and keycaps, along with RGB illumination and clicky switches for enhanced user experience, the keyboard market continues to innovate and evolve, catering to both commercial enterprises and residential consumers alike.
Moreover, the market is witnessing a revolution with advancements driven by AI and cognitive computing. From conventional desktop keyboards to gaming peripherals like Cherry Stream Keyboard, innovations cater to the diverse needs of corporate enterprises and professional individuals. With digitalization and IoT integration, keyboards are evolving with features like speech-to-text converters and pattern recognition. Improvements such as linear switches and rapid switch repair enhance usability and stability, appealing to both the IT sector and medical professionals. Research and development activities focus on ML and artificial neural networks, pushing boundaries in language modeling and statistical analysis. Multiple platform-compatible keyboards and vertical designs offer versatility, while RFID technology and infrared connectivity enable seamless integration with input devices. As demand grows, the keyboard market embraces innovation, catering to diverse industries and user preferences.
Further, AI (Artificial Intelligence) is revolutionizing various sectors, including keyboard technology. Unlike conventional keyboards, those designed for corporate or enterprise use, as well as desktop and laptop keyboards, are being enhanced through AI-driven improvements. These advancements not only optimize typing experiences but also facilitate integration with the Internet of Things (IoT) ecosystem. ML (Machine Learning) algorithms are employed to analyze typing patterns and enhance predictive text capabilities, ensuring efficient communication. Additionally, the use of plastic tooling techniques aids in the manufacturing process, allowing for the creation of durable and cost-effective keyboard components.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.79% |
Market growth 2024-2028 |
USD 1.23 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.39 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Japan, South Korea, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A4TECH, ASUSTeK Computer Inc., Cooler Master Technology Inc., Dell Technologies Inc., EPOMAKER, Fujitsu Ltd., GN Store Nord AS, HP Inc., Keetronics India Pvt. Ltd., Kinesis Corp., Lenovo Group Ltd., Logitech International SA, Metadot Corp., Microsoft Corp., Panasonic Holdings Corp., Rapoo Europe BV, Razer Inc., Shenzhen Riitek Technology Co. Ltd., Targus Asia Pacific Ltd., and Xiaomi Communications Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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