Global Printer Market expected to witness a CAGR of ~6% during the forecast to 2022-2028: Ken Research

A printer is an electronic device that is used to print any document in hardcopy format, which is often used in residential, commercial, educational institutes, enterprises, government offices, and more. With the launch of the latest multi-functional printers, the single printer device is now able to perform a variety of tasks which include printing, photostatic copies, scanning, and Fax/telefax which is highly cost-effective for the users.

According to Ken Research Analysis, the global printer market is expected to witness a CAGR of ~6% during the forecast period (2022-2028) and reach a market size of ~US$ 65 Bn by 2028 from ~US$ 45 Bn in 2022. The growth can be attributed to the advancements in cloud-based printing services, new product launches, and an increase in the numbers of small and medium-sized enterprises (SMEs).

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The R&D investment in technologies like cloud-based printing, laser printing, and 3D Printing is likely to propel the market growth during the forecast period (2022­-2028).

In April 2021, HP Inc. launched its smartest printing solution called HP+ for small and medium-sized enterprises (SMEs). the HP+ is connected to a smart app and a cloud-based system i.e. users can virtually print from any location. HP+ offers high security with enhanced productivity and sustainability.

The adoption of digitization in Government offices, Banks and Educational Institutes (digitization is the process of converting any document into digital forms such as images, pdf, or Digi locker) acts as one of the major challenges faced by the Global Printer Market.

The COVID-19 pandemic affected the sales of commercial, educational institutes, and government office printers but residential printers have shown a rise in sales. This is due to the lockdown imposed by the government leading to the sudden closure of schools, offices, and government offices.

Key Trends by Market Segment

By Printer Type:  The Multi-Functional Device (MFD) segment is expected to witness the fastest growth during the forecast period, owing to its ability to perform multiple tasks.

The Multi-Functional device (MFD) or Multi-Functional Printer is adopted over standalone due to its ability to perform a variety of other tasks rather than just printing such as photocopier, scanner, and fax machine.

Many small and medium-sized enterprises (SMEs) are now adopting MFD over standalone as it reduces the overall cost drastically. Furthermore, manufacturing companies are now focusing on developing such multifunctional products.

In May 2022, Sharp Corporation launched the monochrome multifunction 3-in-1 solution printer that will act as a copying, printing, and scanning machine. The printer offers a print speed of 24 Pages per minute with a capacity of 1,850-pages and a response time of 6.4 seconds.

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By Technology: The laser printer is expected to witness the fastest growth in the technology segment during the forecast period due to its high printing speed.

Laser printers perform at better speed as compared to other inkjet and LED printers because the laser beam in a laser printer can move fast which helps it to print at high speed.

Although laser printer is expensive as compared to inkjet printer their overall operational cost is significantly lower this is because laser printers melt the toner powder on the paper for printing purposes rather than using the costly cartridge that inkjet printer uses. The release of small models in laser printers is one of the major reasons for driving its growth in the technology segment.

By Interface: The wired segment accounted for the major share in the interface segment in 2021 due to its less installation cost.

The wired segment accounts major share of the printer interface market as the installation cost of wired printers is significantly low as compared to wireless printers,

The wireless printer is less secure as compared to the wired printer, as an unauthorized user can use the printer if the Wi-Fi network is less secure.

By Output Type: The monochrome segment held the largest market share in 2021 due to the low price of monochrome printing ink as compared to color ink. 

Color printing ink is more expensive as compared to monochrome ink as during printing any color document the printer uses four-color cartridges at once, thus leading to the emptying of cartridges earlier.

While for monochrome, printing the printer uses a single cartridge at a time thus making it more efficient as compared to color ink.

By Application: The commercial segment held the largest market share in the global printer market by application segment in 2021 owing to the launches of new multi-functional device printers.  

Many offices are using multifunctional printers in offices as the multi-functional printer is able to perform a variety of other tasks such as scanning, photocopying, and telefax.

Many offices use laser printers and inkjet printers as these printers are easy to use and provide top-quality printing with low response time.

By Region: Asia Pacific is expected to dominate the global printer market during the forecast period owing to the presence of a greater number of manufacturers in the region.

Many leading printer companies such as Canon Inc., Seiko Epson Corporation, Ricoh Co., Ltd, Konica Minolta Inc., Brother Industries Ltd, Kyocera Corp., etc. are all headquartered in Japan.

In February 2022, the Indian Government released a strategy for 3D printing, which is likely to help India to become the global hub for deployment and designing in 3D printing.

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Competitive Landscape

The Global Printer Market (https://www.kenresearch.com/business-research/global-printer-market-outlook-2028/) consists of ~100 players including globally diversified players, regional players as well as a large number of country-niche players who have their niche in printers, scanners, photocopiers, and fax machines.

Large global players constitute ~15% of the market in terms of the number of competitors, while regional players hold the second largest share. Some of the major players in the market include Brother Industries Ltd., Canon Inc., HP Development Company, L.P, Konica Minolta Inc., Kyocera Corp., Lexmark International Inc., Ricoh Co. Ltd., Seiko Epson Corp., Sharp Corp., Xerox Corp and among others.

Recent Developments Related to Major Players

In October 2022, Epson America, Inc. launched the modern wireless receipt printers as "Mobilinkwireless receipt printers" which is small, lightweight, and easy to carry and can be used for various point of sales such as mobile transactions, direct store delivery, transportation and more.

In February 2022, Konica Minolta Inc. launched its new printer "AccurioJet KM-1e High Definition (HD) model" which is an upgrade to "AccurioJet KM-1e LED" inkjet printer, the HD version is able to produce skin tones, uniformity of solid backgrounds and reproduction of textures in the printed document that will provide the superior printing quality as compare to its competitors.

In March 2021, Xerox Corporation Secured the first position for the worldwide managed print services (MPS) market (MPS are services provided by an external entity for managing the company document output) in the Quocirca worldwide market landscape report (Quocirca is the leading print industry's source for market insight and advisory services).

Conclusion

The Global Printer Market (https://www.kenresearch.com/business-research/global-printer-market-outlook-2028/) Size, Segments, Outlook, and Revenue Forecast 2022-2028 is expected to continue its growth with a CAGR of ~6% during the forecast period. This is due to advancements in technologies like cloud-based printing and laser Printing as well increase in the number of Small and medium-sized enterprises. Though the market consists of ~100 participants, few regional players control the dominant share and regional players hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within maximum of 2 working weeks.

Market Taxonomy

By Printer Type

Multi-Functional

Standalone

By Technology 

Dot Matrix Printer

Inkjet Printer

LED Printer

Thermal Printer

Laser Printer

By Interface      

Wired

Wireless

By Output Type

Color

Monochrome

By Application

Residential

Commercial

Educational Institutions

Enterprises

Government

Others

By Region          

North America (USA, Canada, Mexico)

Europe (Germany, UK, Italy, France, Spain)

Asia Pacific (China, India, Japan, South Korea, Indonesia)

LAMEA (Latin America, Middle East, Africa)

Key Companies

Brother Industries Ltd.

Canon Inc.

HP Development Company, L.P

Konica Minolta Inc.

Kyocera Corp.

Lexmark International Inc.

Ricoh Co. Ltd.

Seiko Epson Corp.

Sharp Corp.

Xerox Corp.

Ken Research Pvt. Ltd.,
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Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.

This release was published on openPR.