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Printer Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Printer Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071806
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the printer market are Brother Industries, Ltd, Seiko Epson Corp, Hewlett-Packard Company (HP), Canon, Ricoh, Samsung Electronics Co. Ltd, Konica Minolta, Inc., Hitachi, Zebra Technologies, and Lexmark International Inc.

The global printer market is expected to grow from $132.41 billion in 2020 to $144.62 billion in 2021 at a compound annual growth rate (CAGR) of 9.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $171.82 billion in 2025 at a CAGR of 4.4%.

The printer market consists of sales of printers by entities (organizations, sole traders, and partnerships) that provide printers, which are output devices that can be connected to computers to print paper documents.This includes text documents, images, or a combination of both.

Only goods and services traded between entities or sold to end consumers are included.

Advancing technologies are gaining popularity in the printer market.Major companies operating in the printing industry are focusing on developing advanced technology solutions for printers.

For instance, in July 2019 HP Inc, a USA-based hardware company launched HP Neverstop Laser printer that is designed for companies in India to recreate smart printing technology.The HP Neverstop Laser Printer is an all-new, fast-reload laser printer that allows small and medium enterprises to save critical business time and costs, thereby expanding their efficiency.

The printers have a mobile scanner, Wi-Fi Direct, and HP Smart App printing options and can substitute a toner in 15 seconds.

The printer market covered in this report is segmented by type into dot-matrix printers; line printers; daisy-wheel printers; laser and led printers; mono printers. It is also segmented by technology into inkjet; thermal; impact, by printer interface into wired; wireless, by output type into colour; monochrome and by end-user applications into residential; commercial; educational institutions; enterprises; government; others.

In September 2019, IPValue Management, Inc, a USA-based company that provides intellectual property advisory services announced that its affiliate 138 East LCD Advancements Ltd. has acquired over 300 patents from Seiko Epson Corporation. This acquisition increases 138 East’s portfolios to over 2,500 worldwide patents. Seiko Epson Corporation is a Japan-based electronics company that manufactures computer printers, and information and imaging related equipment.

The rising demand for 3D printers is anticipated to propel the growth of the printer market over the forecast period. 3D printers use a technique called additive processing to shape (or print) physical objects layer by layer before the design is finished. Companies across industries, from automotive to consumer products, are becoming aware of the benefits of 3D printers provide for production. Around 51% of businesses are currently using 3D printing for manufacturing, according to Sculpteo ’s 2019 State of 3D Printing study. For instance, large car manufacturers such as Volkswagen, BMW, and Ford are already developing 3D-printed parts for their automobiles. In 2018, BMW stated that its one-millionth 3D-printed component had been installed for its BMW i8 Roadster. Therefore, the rising demand for 3D printers drives the growth of the printer market.

High operating costs of the printer is a key factor that hinders the growth of the printer market.The most affordable type of printer is inkjet printers, but they are expensive to operate.

These low-cost printers use ink cartridges, one black, and one colour cartridge to work, and it can cost $40 to $60 to purchase brand name substitutes for both.If users print a lot, they will have to replace them regularly and the complete set of replacement colour ink cartridges may exceed the original price of an inkjet printer in some cases.

Therefore, the high operating costs of printers will restrict the printer market growth in the coming years.

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