Global Printer Market

Printer Market Size, Share, Growth Analysis, By Technology Type(Inkjet Printer, Laser Printer, LED Printer, Others), By End Use(Residential, Commercial, Educational Institutions, Enterprises), By Region - Industry Forecast 2024-2031

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

Printer Market Insights

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 printer is an electronic tool used to print text and images from computers onto various types of paper or printing media. There are many different ways to connect printers to computers, such as using a dedicated data cable like USB, a short-range radio like Bluetooth, a local area network using cables (like Ethernet) or radio (like WiFi), or using a memory card or other portable data storage device without a computer. Other than line printers, the majority of printers accept control characters or special character sequences to control various printer functionalities. According to studies, 94.36 million hardcopy peripheral units, such as printers, copiers, and multifunctional systems, were shipped globally in 2019. While printers are now primarily used in computing and information technology, 3D printing for industrial uses has developed recently.

Increasing demand in corporate sector is promoting market growth. Due to applications that put the cost effectiveness of the printer ahead of print quality, dot-matrix technology is expected to see a significant increase in demand. The market is divided up based on end users into the business and corporate, educational, printing, and media sectors, as well as the consumer and public sectors. Over the forecast period, growing benefits such as the ability to print on large format digital printers and the high quality of images due to improved sharpness and colour intensity will boost industry size. The printing industry uses large format printers extensively, which will drive demand during the forecast period. But over the forecast period, high equipment costs are expected to limit industry growth.

US Printer Market is poised to grow at a sustainable CAGR for the next forecast year.

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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 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 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 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

Report ID: SQMIG20D2192