Research Support Specialist, USA
The global printers & copiers market size is expected to reach USD 9.8 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of -1.4% from 2021 to 2028. This can be attributed to decreasing demand for printers and copiers from the commercial sector such as offices.
The growing availability of advanced printers with Wi-Fi connectivity features and upgraded digital integration may show some positive impact on the market during the forecast period. Additionally, apprehending demand for printers and copiers for learning and working from home in countries comprising Japan and China. Moreover, emerging economies are taking numerous initiatives to implement digitization in the country, which, in turn, is expected to support the industry demand.
Cumulative investments by key players in the latest technologies and focus on innovative product launches are further projected to boost industry sales. Though, high ink cost and high maintenance cost of printers and copiers remain a prime concern leading to hindering the market growth during the forecast period.
The printer type segment accounted for the largest revenue share of more than 70.0% in 2020. This growth is credited to the accumulative demand for these products. The rising adoption of multifunctional printers for commercial applications may drive the growth of this segment in coming years. Additionally, the rising usage of printers in homes may also play some positive role in the growth of this segment.
The online segment is expected to expand at the fastest CAGR of 0.65% from 2021 to 2028. This can be credited to the usage and rising popularity of e-commerce platforms. Major manufacturers are partnering with online retailers intending to reach out to new buyers. Correspondingly, an increase in sales of printers and copiers mainly through company-owned websites and other e-commerce platforms such as Amazon, Walmart, etc., is further anticipated to drive the growth of the online distribution channel segment in the coming years.
Asia Pacific led the market and accounted for the largest revenue share of more than 30.0% in 2020. This can be attributed to the growing demand for printers from emerging countries, such as China, and India for the commercial sector. The growing work-from-home employment and rising disposable income are principal factors driving market growth. Various Chinese companies have entered the market with a partnership with e-commerce platforms to offer products at modest pricing. This, in turn, will drive the regional market in the coming years.
The report “Printers And Copiers Market Size, Share & Trends Analysis Report By Type (Printers, Copiers), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global printers & copiers market on the basis of type, distribution channel, and region: