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The mechanical keyboard market is estimated to grow at a CAGR of 6.79% between 2022 and 2027. The size of the market is forecast to increase by USD 155.64 million. The growth of the market depends on several factors, including growth in the e-commerce industry, the growing gaming industry, and better performance of mechanical keyboards.
This report extensively covers market segmentation by distribution channel (offline and online), type (wired and wireless), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global mechanical keyboard market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growth in the e-commerce industry is notably driving the market growth, although factors such as the availability of counterfeit electronic products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Mechanical Keyboard Market Driver
The growth in the e-commerce industry is notably driving market growth. The rising penetration of the internet and smartphones is making online shopping more convenient, which is increasing its adoption among people. Millennials mostly prefer shopping online due to its convenience, security, and time-saving features.
Several international e-commerce platforms are available across various regions. Some of the popular e-commerce platforms are Amazon.com, ALIBABA GROUP, and eBay. These platforms offer various discounts and provide detailed descriptions of product features on their online portals. The growth in the penetration of the internet, the increase in customers' trust in online retailing, and the availability of quick shipping and easy payment options have played a significant role in spurring the growth of the global e-commerce market. Hence, the growth in the global online retailing market will contribute to the growth of the global market.
Significant Mechanical Keyboard Market Trend
The growing incorporation of additional features in mechanical keyboards is an emerging trend in the market. Many market participants are introducing cutting-edge features such as synchronization, which enables keyboards to communicate effectively with headsets and mouse. Additionally, synchronization options with different mobile devices, including smartphones and tablets, enable effective device use.
Mechanical keyboards are becoming more and more popular owing to additional features such as cooldown modes, which allow a countdown on switches since the last press. The demand for mechanical keyboards may also be increased by novel features like a built-in movement sensor or camera support, built-in software support for voice recognition, and a slim and quiet design. Thus, the integration of various devices and additional features to enhance the functionality of mechanical keyboards is one of the major trends which is expected to drive the growth of the global market during the forecast period.
Major Mechanical Keyboard Market Challenge
The availability of counterfeit electronic products is a major challenge impeding the market. 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.
These 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 reduce the total potential market for mechanical keyboards sold by genuine manufacturers, which can become a major challenge for the growth of the global market during the forecast period.
Key Mechanical Keyboard Market Customer Landscape
The 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 Mechanical Keyboard Market Customer Landscape
Vendors 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.
ASUSTeK Computer Inc. - The company operates under one segment. The company under this segment offers products such as phones, laptops, and 2 in 1 PCs, motherboards, and graphic cards. The key offerings of the company include a mechanical keyboard.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. In 2021, the offline distribution channel segment accounted for the majority of the market share in terms of revenue. The offline segment includes all types of retail outlets, including hardware stores and brand outlets.
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The offline segment was valued at USD 195.80 million in 2017 and continued to grow until 2021. Consumers find it beneficial to shop from such retail stores, owing to the availability of occasional discount offers and schemes. Customers prefer to purchase mechanical keyboards from retail stores, as these outlets offer a better experience and provide the necessary support and product information through expert customer service personnel. In addition, customers can check out the working of mechanical keyboards before buying them. Furthermore, vendors also have a network of trusted distributors to prevent the sale of counterfeit products. They also have these distributors mentioned on their websites to facilitate the availability and sale of the product. Therefore, the offline sales channel is considered safer for purchasing mechanical keyboards when compared to online platforms. Thus, owing to such factors the segment is expected to grow during the forecast period.
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APAC is estimated to contribute 49% 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 market in focus in the region is expected to grow rapidly during the forecast period due to the presence of a number of hardware manufacturers. Furthermore, the easy availability of raw materials and technology allows market vendors to manufacture low-cost mechanical keyboards in the region. The increasing availability of personal computers (PCs) that incorporate high-end features at competitive prices has resulted in high demand for such PCs and other peripheral devices, such as mechanical keyboards, in countries such as India, Indonesia, Vietnam, the Philippines, Sri Lanka, and Pakistan. The demand for mechanical keyboards in these countries is also driven by the increase in the disposable income of the people living in the region and the adoption of the bring-your-own-device (BYOD) model. Furthermore, the market is also driven by various government initiatives in the region. For instance, Digital India is a government initiative campaign launched by the government of India to ensure that its services are made available to citizens electronically by improving the online infrastructure, enhancing Internet connectivity, and making the country digitally advanced in the field of technology. Thus, owing to such factors the regional market is expected to grow during the forecast period.
The sudden outbreak of COVID-19 in 2020 posed challenges to the market in APAC. However, in 2021, major countries in the region, including China, India, Japan, South Korea, and others, reopened their borders for trade. The initiation of mass COVID-19 vaccination drives and stringent regulations imposed by the government to maintain social distancing also propelled the market to rebound. Therefore, these factors will boost the growth of the market in the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Mechanical Keyboard Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.79% |
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Market growth 2023-2027 |
USD 155.64 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.25 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 49% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acer Inc., ANT Esports, ASUSTeK Computer Inc., Cherry AG, Cooler Master Technology Inc., Corsair Gaming Inc., Dell Technologies Inc., DuckyChannel International Co. Ltd., GN Store Nord AS, Hewlett Packard Enterprise Co., Kinesis Corp., Lenovo Group Ltd., Logitech International SA, Matias Corp., Metadot Corp., Microsoft Corp., NZXT Inc., Razer Inc., Shenzhen Rapoo Technology Co. Ltd., and Turtle Beach Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our 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 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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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