Global Printer Market

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 Dynamics

Printer Market Driver

  • 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.
  • Another important element driving the global printer market is the introduction of ink tank printers. Due to their excellent print quality, low cost, and rapid printing, ink tank printers are becoming more popular. There is a separate ink tank for each colour, including cyan, yellow, black, and magenta, with this particular model of printer. An ink tank printer is more expensive than an inkjet printer. In contrast to other printers, ink tank printers have low operating costs and low cost per print. An ink tank printer has a longer lifespan because it is constructed of sturdy materials. Due of their benefits, consumers have begun using ink tank printers, and printer makers have launched various ink tank printer models to cater to the growing demand.

Printer Market Restraint

During the forecast period, the digitization of businesses will pose a significant challenge to the expansion of the global printer market share. Businesses use online platforms to share information and advertise their goods and services. Instead of using printed materials, companies are now using electronic versions of documents like e-brochures, e-catalogs, e-annual reports, and e-manuals. The adoption of various digital channels by businesses to market their goods and services and disseminate important information is being fueled by the growing number of Internet users, the increased adoption of smartphones, and advancements in communication network infrastructure. The expansion of the global printer market has also been impacted by the emergence of cloud-based storage options like Dropbox and Google Drive.

  • One of the main things preventing the printer market from expanding is the high operating costs of the printer. Inkjet printers are the least expensive type of printer, but they cost a lot to run. These budget printers require two ink cartridges to function: one black and one coloured, and brand-name replacements for both can cost between $40 and $60. Users who print a lot will need to replace them frequently, and in some cases, the total cost of a replacement set of colour ink cartridges may be more expensive than the cost of an inkjet printer when purchased new. As a result, the growth of the printer market in the upcoming years will be constrained by the high operating costs of printers.
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FAQs

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.

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.

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Global Printer Market

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