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Inkjet Printers Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Inkjet Printers Global Market Report 2024
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According to The Business Research Company's, The inkjet printers market size has grown strongly in recent years. It will grow from $45.84 billion in 2023 to $48.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to home printing revolution, small and medium-sized business adoption, e-commerce growth, environmental awareness, education sector adoption.
The inkjet printers market size is expected to see strong growth in the next few years. It will grow to $61.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to 3d printing integration, rise of remote work, customization demands, augmented reality printing, bioprinting applications. Major trends in the forecast period include digital photography boom, technological advancements, mobile printing dominance, subscription-based printing services, artificial intelligence in printing.
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Market Drivers and Trends:
The expansion of the advertising industry is expected to propel the growth of the inkjet printers market going forward. The advertising industry refers to the sector that encompasses activities related to creating, planning, executing, and managing promotional campaigns and messages to reach and persuade target audiences. Inkjet printers play a significant role in the advertising industry by facilitating the production of various advertising materials. Inkjet printers offer several benefits that make them valuable tools for advertising agencies. For instance, in March 2023, according to Canadian Industry Statistics (CIS), a database provided by Statistics Canada, the Canadian national statistical agency, the display advertising industry generated an average revenue of $422.3 thousand in 2021, up from $416.8 thousand in 2020. In addition, the advertising, public relations, and related services industries generated an average revenue of $364.8 thousand in 2021. Therefore, the expansion of the advertising industry is driving the growth of the inkjet printer market.
Technological innovations are a key trend gaining popularity in the inkjet printers market. Companies operating in the inkjet printers market are adopting new technologies to sustain their position in the market. For instance, in February 2023, Mimaki Engineering Co. Ltd., a Japan-based inkjet printer manufacturing company, launched the TxF150-75, its first direct to film (DTF) technology inkjet printer. It involves a built-in ink circulation system and degassed ink pack design technologies, including the nozzle check unit and nozzle recovery system, ensuring that operations run smoothly with little need for intervention. With its full-color printing capabilities, the technology can also produce eye-catching graphics.
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Major Key Players of the Market:
Hitachi Industrial Equipment Systems Co Ltd., HP Inc., Videojet Technologies Inc., Canon Inc., Fujifilm Holdings Corporation, Kyocera Corporation, Ricoh Company Ltd., Seiko Epson Corporation, Xerox Holdings Corporation, Konica Minolta Business Solutions India Private Limited, Brothers Industries Ltd., Keyence Corporation, Zebra Technologies Corporation, Lexmark International Inc., Screen Holdings Co. Ltd., Agfa-Gevaert N.V., EFI Electronics for Imaging Inc., Markem-Imaje Corporation, Domino Printing Sciences plc, Xaar plc, Mimaki Engineering Co. Ltd, Roland DG Corporation, Kornit Digital Ltd., Inkjet Inc., Pannier Corporation, Durst Phototechnik AG, Mutoh Holdings Co. Ltd, Control Print Ltd., Colordyne Technologies LLC
Inkjet Printers Market 2024 Key Insights:
• The inkjet printers market size is expected to see strong growth in the next few years. It will grow to $61.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Rise Of Advertising Industry To Drive Market Growth
• Technological Advancements Driving Innovation In Inkjet Printers Market
• North America was the largest region in the inkjet printers market in 2023
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