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The printers market size is estimated to decline at a CAGR of 3.51% between 2022 and 2027. The market size is forecast to increase by USD 10.69 billion. The growth of the market depends on several factors, including rising demand from SMEs, growing demand for large-format printers from the textile and advertising industries, and growing demand from developing countries. A printer is an IT hardware output device used to print text, graphics, and /images onto paper. Based on their features and functionalities. Only printing functionality is available for single-function printers while multifunctions allow users to do more than just print, such as scanning and copying documents. There are two kinds of print methods, i.e. imprint and unimpact method. The substrate shall be directly exposed to the paper when it is used for impact printing. The printer does not have direct contact with the paper as a result of the nonimpact printing method.
This printers market report extensively covers market segmentation by technology (laser, inkjet, and others), type (multi function printers and single function printers), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 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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The growing demand for large-format printers from the textile and advertising industries is the key factor driving the growth of the market. Large-format printers have been actively used by the textile industry to print unique and artistic designs and print banners for festive events, team jerseys, wallpaper, clothing, and home furnishings. The growing demand for printed and customized clothing is driving the demand for large-format printing. The textile industry needs printers that can withstand the fashion the dynamic environment of the fashion industry because the fashion industry is changing quickly. As a result, analog printing is being replaced by digital printing in the textile industry.
Moreover, large-format printing produces high-quality graphics on printed materials, making it useful for marketing and advertising campaigns. Large-format printers are widely used by many companies to create large banners, posters, and signs, mostly for window advertising and point-of-sale displays. These are just a few of the primary uses for large-format printers. Large-format printers give companies the flexibility to develop and modify their advertising strategies frequently as per their needs. Hence, the growing popularity of large-format printers in the textile and advertising industries is expected to boost the growth of the market during the forecast period.
The rising demand for compact portable printers is the primary trend in the market. The rising demand for these printers from small workgroups, homes, and offices is driving the growth of compact portable printers. Professionals who work from home prefer these printers because they have lower operating costs and can achieve maximum profitability without sacrificing the quality and performance of the printer. Space limitations in homes, offices, and small work groups. As a result, they prefer items that take up less space. Such customers prefer small, portable printers that can produce excellent print quality and are fitted with features that make it simple to print from a smartphone.
Thus, market players in the global portable printer market offer products that are portable, have mobility features and print quickly and with high quality. For example, Canon offers SELPHY CP1300. It is a compact portable printer enabled with Wi-Fi which can help users to print quality photos directly from their smartphone or camera. Hence, such developments are expected to boost the growth of the global printers market during the forecast period.
Digitization in enterprises is the key challenge that affects the growth of the global printers market. Digitization has a high impact on the global printer market. Due to digitization, many companies are using online channels to advertise their products and services and to share information. They use electronic versions of documents, such as e-brochures, e-catalogs, e-annual reports, and e-manuals, instead of printed materials. For example, the hard copy of a telephone bill is replaced by its soft copy. The increasing number of Internet users, the rising penetration of smartphones, and developments in communication network infrastructure are boosting the adoption of various digital channels by companies to promote their products and services and to share vital information.
Moreover, the expansion of the world market for printers has been impacted by the emergence of cloud-based storage options like Dropbox and Google Drive. Earlier, to access information, people carried printed files and documents. Users can now remotely access documents using devices like smartphones, tablets, and notebooks due to the availability of cloud-based storage solutions. Additionally, the development of mobile document scanners has decreased the need for scanners, which has had a negative impact on the demand for multipurpose printers. Hence, Digitization in enterprises will impede the growth of the global printers market.
The market share growth by the laser segment will be significant during the forecast period. The principle of electrophotography or electrostatic charges is used in the non-impact printing technology known as laser printing. Laser light is used in laser printing technology to induce charges and facilitate printing. Laser printing technology can be used in a wide range of applications, such as variable data printing and wide-format printing.
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The laser segment shows a gradual increase in the market share of USD 36.02 billion in 2017 and continue to grow by 2021. Compared to other printing methods like inkjet and LED printing, laser printing has a number of advantages. Because the laser beam can move quickly and print at a much higher speed than other printers, laser printers are faster than other printers. The emergence of compact laser printers, the growing demand for A4 and A3 laser multifunction printers from enterprises, and the decreasing average selling price of laser printers are the major factors boosting the adoption of laser printer technology. Moreover, laser printer manufacturers are focusing on tapping the consumer printer market, which is dominated by inkjet printers owing to their low prices. Thus, these factors will boost the growth of the laser segment during the forecast period.
A single-function printer is designed to perform only printing tasks. A single-function printer is less expensive than a multifunctional printer because of its reduced functionalities. The growing demand for low-end single-function printers in the emerging economies of APAC and South America is driving the growth of the global single-function printers segment. The disposable income of people in emerging countries has been continuously increasing, which is propelling the adoption of single-function printers. Vendors are likely to focus on adopting new technologies, such as AI and the IoT, into single-function printers to enhance their functionality. Also, printer manufacturers are expected to focus more on emerging countries to increase the sales of their single-function printers. which will boost the single-function printer segment during the forecast period.
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APAC is estimated to contribute 61% 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 key factors driving the printers market in the region are the proliferation of high-level automation across industries and verticals and the rising awareness and demand for operational efficiency to drive business processes with more optimized and productive. The region comprises developed economies, such as South Korea, Japan, and Singapore, as well as emerging countries, such as China, India, Malaysia, Vietnam, the Philippines, and Indonesia. Additionally, APAC is home to several major printer vendors, such as Ricoh, Konica Minolta, Kyocera, Epson, and Sharp. Rising IT investments by small and medium-sized enterprises (SMEs), the augmenting number of small and medium-sized enterprises (SMEs) and startups, and the increasing disposable income of people also support the growth of the printing market in APAC.
Moreover, APAC is a hub of many SMEs from diverse industry verticals. small and medium-sized enterprises (SMEs) are shifting from legacy printing infrastructure towards advanced printing infrastructure; they are implementing connected systems, which is rising the demand for multifunction printers. In addition, there is a rising need for large-format printing for posters, billboards, banners, and advertising in countries like India. Billboards are used by about 75% of people to learn about brands. Therefore, large-format printing is essential for India's advertising sector. Therefore, the rising demand for printers in APAC has attracted many vendors to expand their presence in the region. Hence, such factors will boost the demand for printers, which will positively impact the printers market in APAC during the forecast period.
In 2020, the COVID-19 pandemic closed or temporarily halted the operations of many SMEs owing to the implementation of lockdowns and restrictions imposed by various governments in the region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and reopening of end-user operating units such as SMEs, corporate offices, and educational institutes, which has raised the requirement for printed papers and materials. Hence, the regional market will continue to grow during the forecast period.
The Printers Market 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 Printers 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.
Brother Industries Ltd.: The company offers printers such as Ink Tank printers, Laser printer, A3 printer, and office and home printers.
Canon Inc.: The company offers inkjet printers such as Pixma, Maxify, Laser, and Selphy.
Dell Technologies Inc.: The company offers printers such as inkjet printers, 3D printers, multi functional laser printers, and single-function laser printers.
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 printers market 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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Printers Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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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 |
Decelerate at a CAGR of 3.51% |
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Market growth 2023-2027 |
USD 10.69 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.66 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 61% |
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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 |
Brother Industries Ltd., Canon Inc., Dell Technologies Inc., Honeywell International Inc., HP Inc., Konica Minolta Inc., KYOCERA Corp., Lexmark International Inc., Nashua Ltd., Oki Electric Industry Co. Ltd., Panasonic Holdings Corp., Polaroid International B.V., Ricoh Co. Ltd., Roland DGA Corp., Seiko Epson Corp., Sindoh Co. Ltd., Toshiba Tec Corp., Xerox Holdings Corp., Zebra Technologies Corp., and Sharp 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 Technology
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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