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The mechanical keyboard market size is estimated to grow at a CAGR of 6.94% between 2023 and 2028. The market size is forecast to increase by USD 378.13 million. The growth of the market depends on several factors, including the rising e-commerce and online sales channels, the growing gaming industry, and the rise in remote work and home offices. Mechanical keyboards are computer keyboards that have switches under each key instead of the rubber membranes found in most standard keyboards. The presence of physical switches in mechanical keyboards allows for less pressing of the keys, and each keypress can be felt, making them ideal for precise and accurate typing.
The report includes a comprehensive outlook on the Mechanical Keyboard Market, offering forecasts for the industry segmented by Distribution Channel, which comprises offline and online. Additionally, it categorizes Type into wired and wireless, and covers Geographical regions, including APAC, North America, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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The growing gaming industry is the key factor driving market growth. As mechanical keyboards are frequently used in the gaming sector, it is anticipated that the expansion of the gaming sector will fuel the growth of the global mechanical keyboard market. Most gamers prefer mechanical keyboards because they are more tactile, durable, and faster in performance. Additionally, according to the Interactive Software Federation of Europe (ISFE), the global e-sports audience increased from 398 million in 2019 to 474 million in 2021, and global e-sports revenue increased from USD 958 million in 2019 to USD 1 billion in 2021.
In addition, the gaming industry has been expanding quickly in several developing countries, including China and India. ISFE data indicates that the gaming sector in India is expanding at one of the fastest rates among all sectors, increasing by about 40% in 2019-20. Thus, such factors will drive the growth of the global mechanical keyboard market during the forecast period.
Growing innovations in mechanical keyboards is the primary trend shaping market growth. Mechanical keyboards use switches to send the typing signal. Because of the absence of a membrane inside, mechanical keyboards provide longer durability. Mechanical keyboards also have an improved level of tactility as they do not require a lot of effort to type and are great for gamers who hit one or more keys rapidly. Gaming keyboards that cost more than USD 150 have full RGB backlighting with many macro keys. High-quality RGB gaming keyboards, which are preferred by professional gamers, are often expensive.
For instance, in May 2020, Logitech unveiled a new keyboard called The Logitech G915 TKL with mechanical switches for gamers. It is a wireless keyboard that has a combination of mechanical switches, a fast wireless connection, long battery life, and reactive RGB per-key lighting. In addition, innovations in mechanical keyboards provide consumers with a more enriched gaming experience and are likely to drive the growth of the market during the forecast period.
The availability of counterfeit electronic products is a major challenge impeding the market growth. A large number of top manufacturers of consumer electronics are facing a threat from the availability of counterfeit products at local stores. Many price-sensitive end-users (especially in countries like India) and those unaware of branded products buy these counterfeit products because they are much cheaper, attractive, and copies of big brands. Thus, the growing popularity and easy availability of counterfeit mechanical keyboards are likely to start price wars in the market.
Moreover, counterfeit accessories and parts are also available in multiple online retail stores. Although companies and other stakeholders are constantly working toward restricting the sales of these products, the easy availability of these products through all distribution channels, including physical and online retail stores across many countries, makes it difficult to control the sales of counterfeit products. The increasing sales of these products may impede the growth of the market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. Offline distribution permits customers to physically interact with and test the mechanical keyboards before making a purchase. Products are readily available for immediate purchase, eliminating the need for shipping and potential delays. For consumers, purchasing a mechanical keyboard in-store eliminates shipping costs and wait times associated with online orders.
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The offline segment showed a gradual increase in the market share of USD 452.07 million in 2018. Customers may come across mechanical keyboards while browsing for other items, leading to spontaneous purchases or future brand recognition. Customers have the option to return or exchange products more conveniently if they encounter issues or if the product does not meet their expectations. This can enhance customer satisfaction. Consequently, factors such as immediate availability, enhanced customer service, and hands-on experience will promote the growth of the offline segment and boost the growth of the market during the forecast period.
Wired connections provide minimal latency, providing immediate response when a key is pressed. This is mainly important in fast-paced activities like gaming, where split-second reactions matter. Wired keyboards maintain a stable and reliable connection, minimizing the risk of signal interference or dropouts that can occur in wireless setups. Furthermore, wired keyboards are universally compatible with a wide range of devices, including computers, laptops, and gaming consoles. This versatility adds to their convenience. Therefore, such factors will drive the growth of the global mechanical keyboard market during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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