What is the global market size of Printer Market?

Printer Market size was valued at USD 45.21 billion in 2021 and is poised to grow from USD 47.5 billion in 2022 to USD 74.13 billion by 2030, growing at a CAGR of 5.07% in the forecast period (2023-2030).

Global Printer Market Size, Share, Growth Analysis, By Technology Type(Inkjet Printer, Laser Printer), By End Use(Residential, Commercial) - Industry Forecast 2024-2031

Report ID: SQMIG20D2192 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 67 | Figures: 75

Global Printer Market Regional Insights

Asia Pacific dominated the global market in 2021. Given the existence of numerous major market players in Asia-Pacific, the demand for printers is increasing. In addition to being a domestic market for businesses like Canon Inc., Seiko Epson Corporation, Ricoh Co., Ltd, Fujifilm Holdings Corporation, Brother Industries Ltd, etc., Japan is home to many of these market participants.

Due to limitations in customer enterprises, printing hardware sales in the region decreased, which also affected the sales of related consumables. Due to the growing popularity of working and studying remotely in nations like China and Japan as well as the market recovery in some emerging nations for remote working and education, market vendors have seen an increase in inkjet printer sales. End customers in the region are also embracing new technologies for their printing needs. Additionally, market providers are concentrating on expanding their presence in developing nations like India. For instance, Replika Press Pvt. Ltd. installed the VarioPrint i300, a B3 sheet-fed inkjet colour digital printer, according to a September 2020 announcement from Canon India. The sophisticated inkjet technology was first installed by Replika Press, a company in India.

Additionally, Pantum, a developer and producer of laser printers and printing solutions, announced the introduction of the Elite Series printer in the Indian market in January 2021, which includes the colour laser printer model and A4 laser printer. Commercial and promotional printing, including calendars, diaries, brochures, catalogues, etc., has been negatively impacted by the widespread adoption of digital printing by businesses. As an illustration, the Life Insurance Company (LIC) stopped printing diaries in 2020, and numerous other government agencies and businesses did the same.

Global Printer Market Report Snapshots

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Printer Market size was valued at USD 45.21 billion in 2019 and is poised to grow from USD 47.5 billion in 2023 to USD 74.13 billion by 2031, growing at a CAGR of 5.07% in the forecast period (2024-2031).

The global printer market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'HP Inc., ', 'Canon Inc.', 'Epson', 'Seiko Epson Corp ', 'Brother Industries, Ltd.,', 'Xerox Corporation', 'Ricoh Company, Ltd.', 'Kyocera Corporation', 'Konica Minolta, Inc.', 'Lexmark International, Inc.', 'Samsung Electronics Co., Ltd.', 'Panasonic Corporation', 'Toshiba Corporation', 'Fujitsu Ltd.', 'Oki Electric Industry Co., Ltd.', 'Sharp Corporation', 'NEC Corporation', 'Dell Technologies Inc.', 'Lenovo Group Limited', 'Zebra Technologies Corporation'

A significant driver for the growth of global printer market is the increased demand from SMEs around the world. SMEs play a large role in a nation's GDP and are a major source of employment in several nations, including India, China, Germany, and the UK. Thus, SMEs are essential to a nation's economic growth, particularly in terms of production, employment creation, export contribution, and aiding the equitable distribution of revenue among diverse nations. One of the key office tools for SMEs is a printer because it enables them to print a number of papers, including invoices, marketing materials, and memoranda for use across offices. Small and medium-sized businesses (SMEs) have different printing needs than major corporations and ordinary home printers. SMEs invest primarily in multifunction printing equipment that may meet their business needs at the lowest possible cost.

The demand for multifunctional printers is expected to drive the market growth. As customers have become more energy-neutral over the past few years, the demand for MFPs has increased significantly. As standalone printers consume a lot of energy, businesses had to come up with print management techniques that included equipment upgrades and control over their print, copy, and mail centres. Companies like Ricoh, HP, Canon, and EPSON often spend money on research and development to enhance their products. For instance, Ricoh introduced the monochrome RICOH IM 9000/8000/7000 in January 2021, reflecting a comprehensive representation of all the essential products in their advanced MFP range. Epson introduced the WorkForce Enterprise WF-M21000 monochrome A3 multifunction printer in April 2021 to compete with it, printing at 100 ISO pages per minute. Additionally, MFPs offer greater security than standalone printers. The dangers are low and they are easier for IT staff to secure than individual desktop printers because they use fewer units and equipment with less variation.

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Global Printer Market Size, Share, Growth Analysis, By Technology Type(Inkjet Printer, Laser Printer), By End Use(Residential, Commercial) - Industry Forecast 2024-2031

Global Printer Market Regional Insights

Global Printer Market Report Snapshots

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