PUBLISHER: The Business Research Company | PRODUCT CODE: 1435504
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435504
A printer is a device designed to receive textual and graphical output from a computer and subsequently transmit that information to produce a tangible, hard copy.
Printers come in various types, including dot-matrix printers, line printers, daisy-wheel printers, laser and LED printers, and mono printers. Dot-matrix printers, for instance, are impact printers that utilize pins to impact an ink ribbon for printing. These printers employ technologies such as inkjet, thermal, and impact, and they can operate through wired or wireless connections. The resulting output can be either color or monochrome, catering to a diverse range of end-users, including residential, commercial, educational institutions, enterprises, government entities, and others.
The printer market research report is one of a series of new reports from The Business Research Company that provides printer market statistics, including printer industry global market size, regional shares, competitors with a printer market share, detailed printer market segments, market trends and opportunities, and any further data you may need to thrive in the printer industry. This printer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The printer market size has grown strongly in recent years. It will grow from $11.34 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be linked to factors such as market competition and pricing, consumer demands and trends, supply chain and manufacturing considerations, regulatory compliance, and environmental sustainability.
The printer market size is expected to see strong growth in the next few years. It will grow to $15.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be associated with factors such as market competition and pricing trends, shifts in consumer demands, enhanced supply chain resilience, advancements in regulatory standards, and a heightened focus on environmental impact. Major trends expected during this forecast period encompass mobile printing solutions, subscription-based printing models, remote printing and managed print services, and the integration of augmented reality (AR) in printers, along with the incorporation of security features.
The anticipated growth in the printer market during the forecast period is expected to be driven by the increasing demand for 3D printers. These printers utilize additive processing to construct physical objects layer by layer, offering benefits for production across various industries. In a study by Shapeways Holdings, Inc. in August 2021, it was found that companies are gaining confidence in 3D printing at scale, with 63% strongly agreeing on this point. Additionally, 87% agreed that severe supply chain disruptions during the pandemic prompted investments in 3D printing, aiming to achieve advantages such as higher labor productivity (64%), increased asset utilization (57%), and lower inventory costs (46%).
The growth of the packaging industry is expected to contribute significantly to the printer market. Printers in the packaging sector are utilized for printing labels containing crucial information such as product names, ingredients, and nutritional details. According to the 2022 State of the Flexible Packaging Industry Report by the Flexible Packaging Association, the US flexible packaging industry witnessed sales of $39 billion in 2021, up from $34.8 billion in 2020, with an estimated industry volume of 27 billion pounds of shipments in 2021.
A key challenge hindering the growth of the printer market is the high operating costs associated with printers. Despite inkjet printers being the most affordable type, the expenses related to purchasing brand name ink cartridges, particularly for both black and color, can range from $40 to $60. For users who print frequently, the need for regular replacements may result in costs exceeding the original price of the inkjet printer. Hence, the elevated operating costs pose a constraint on the growth of the printer market in the forecast period.
The printer market is witnessing increased popularity in advanced technologies, with major companies in the printing industry concentrating on the development of cutting-edge solutions. For example, Sharp Electronics of Canada Ltd., a distributor of office equipment and consumer electronics based in Canada, introduced the BP Advanced and Essentials Multifunctional Printer Series in July 2022. This series features an elegant cabinet design with easy-roll casters, soft-close paper drawers, and a contemporary color scheme, making it suitable for various office environments. Enhanced connectivity to cloud services, such as Microsoft Teams, simplifies communication, while native Microsoft Universal Print capability enables integration with Microsoft 365 environments, streamlining print management. Innovative features such as multi-feed scan detection and improved auto skew correction ensure accurate job completion from the start. The Advanced Series models, equipped with a 300-sheet duplexing single-pass feeder, can scan documents at speeds of up to 280 images per minute.
Leading companies in the printer market are intensifying their focus on introducing innovative products to gain a competitive edge. An innovative product in this context refers to a printer that incorporates new and unique features or technology setting it apart from traditional printers. For instance, HP Inc., a US-based information technology company, launched the HP LaserJet Tank MFP 2600s in February 2022. This industry-first laser tank printer is designed for small businesses, featuring a mess-free toner refill system that takes only 15 seconds to fill and can print up to 5000 pages before requiring a reload. The HP Toner Reload Kit 4 minimizes waste by up to 90%, a durable imaging drum eliminates the need for continuous replacement, and other features contribute to high-quality, cost-effective printing.
In October 2021, Acacia Research Corporation, a US-based company specializing in acquiring, developing, and licensing patented technologies, acquired Printronix Holding Corp. for $33 million. This acquisition aligns with Acacia's strategic focus on acquiring businesses with high potential that can leverage Acacia's substantial capital resources and operational expertise. Printronix Holding Corp., based in the US, is a developer and manufacturer of printers.
Major companies operating in the printer market report are Samsung Electronics Co. Ltd., Hitachi Ltd., Hewlett-Packard Company (HP), Honeywell International Inc., Fujitsu Limited, Toshiba Tec Corporation, Kyocera Corp., Mutoh Holdings Co. Ltd., Ricoh Company Ltd., Sharp Corp., Konica Minolta Inc., Seiko Epson Corp., Brother Industries Ltd., Zebra Technologies Corporation, Riso Kagaku Corporation, Oki Electric Industry Co. Ltd., Lexmark International Inc., Agfa-Gevaert N.V., Eastman Kodak Company, Inca Digital Printers Limited, Mimaki Engineering Co. Ltd., MGI Digital Technology, Roland DG Corporation, Kornit Digital Ltd., Printek LLC, DURST GROUP AG, Canon India Pvt. Ltd., Bixolon Co. Ltd., Polaroid Corporation, Screen Holdings Co. Ltd., AstroNova Inc., Primera Technology Inc., Electronics for Imaging Inc., SATO Holdings Corporation
The North America was the largest region in the printer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global printer market report during the forecast period. The regions covered in the printer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the printer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The printer market consists of sales of 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. It can be distinguished as impact or non-impact printers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Printer Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on printer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for printer ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The printer market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.