Printers Market to Surpass USD 11.76 Billion by 2026
The rising trend of remote working, a growing number of photographers and significant upsurge in home startups in developing markets such as India, China and Brazil to drive the growth of the Global Printers Market.
According to TechSci Research report, “Global Printers Market By Type (Single Functional, Multi-functional), By Technology (Laser, Inkjet, & Others), By Print Type (Image, Painting, Pattern, and Others), By Application (Packaging, Advertising, Publishing and Others), By Region, Competition, Forecast & Opportunities, 2016-2026”, the Global Printers Market is forecast to grow at a rate of 3.71% to reach USD11.76 billion by 2026. Growth in the market can be attributed to the increasing trend of remote working and online education systems in the post COVID-19 pandemic environment. In addition to this, the growth can be attributed to the rising number of photographers, which has increased the demand for portable color printers. Also, there has been a significant increase in the number of home startups and local businesses which is expected to increase opportunities for the Global Printers Market in the forecast period.
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The Global Printers Market is segmented based on type, technology, print type, application and region. In terms of product type, the market can be bifurcated into single functional and multi-functional. Out of these, the multifunctional segment registered a market share of 53.08% in 2020 due to availability of additional features like copier, scanner and email in printers for a comparable price.
Based on technology, the market is segmented into laser, inkjet, & others (solid-ink, thermal, impact, 3D printers, etc.). The inkjet printers had a share of 42.41% in 2020 owning to their lower cost. But inkjet printers are expected to show monotonous growth in the forecast period due to their high cost per page and the decreasing price of laser printers.
On the basis of print type, the market is divided into image, painting and patterns. The Image print type held the largest market share of 29.93% in 2020 due to its widespread usage by businesses and educational institutions. Moreover, with the rising growth of the packaging industry the pattern print type is also expected to show significant growth in the forecast period.
Based on the application, the market is segmented into packaging, advertising and publishing. The packaging market dominated the market in 2020 with 34.71% market share owing to changing lifestyles and an increase in the buying power of consumers. Moreover, the rising trend of multi-layer and decorative packaging is anticipated further lead to the growth of the segment.
In the Global Printers Market, Asia-Pacific was the largest contributor with 37% of market shares in 2020. China is expected to be the largest contributing country in the region for the forecast period, followed by India, Japan and South Korea. China’s contribution can be attributed to its high-speed growth which has been stimulated by the continuous increase of industrial output, imports and exports, consumer consumption and capital investment.
Hewlett-Packard Enterprise Company, Canon Inc., Brother Industries Ltd., Seiko Epson Corporation, Kyocera Corporation, Konica Minolta Inc., Lexmark International Inc., Ricoh Company Ltd., Sharp Corporation, Xerox Holdings Corporation, etc. are among the leading players operating in the Global Printers Market. Companies operating in the market are using strategies such as partnerships and collaborations to boost their shares in the Global Printers Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support in the competitive Global Printers Market.
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“Online sales channel is the emerging distribution channel in the Global Printers Market. The advent of online sales channels has allowed consumers to easily surf through catalogs without doing the rounds of stores thus making shopping extremely convenient. Moreover, rising digital and social media penetration, merged with a rising number of photographers and entrepreneurs is certainly going to increase the demand for the latest trends in the product offerings. The new model of remote working and online education in the post-pandemic era is also expected to increase the demand for portable-colored printers.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Printers Market By Type (Single Functional, Multi-functional), By Technology (Laser, Inkjet, & Others), By Print Type (Image, Painting, Pattern, and Others), By Application (Packaging, Advertising, Publishing and Others)” By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of portable printers in the Global Printers Market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Global Printers Market.”
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