NEW YORK, July 22, 2024 /PRNewswire/ -- The global printers market size is estimated to grow by USD 10.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  3.46%  during the forecast period.  Rising demand for printers from smes is driving market growth, with a trend towards increasing adoption of 3d technology in printers. However, increased digitization in enterprises  poses a challenge. Key market players include Bixolon Co. Ltd., Brady Corp., Brother Industries Ltd., Canon Inc., Citizen Systems Europe GmbH, Dell Technologies Inc., Fujitsu Ltd., Honeywell International Inc., HP Inc., Konica Minolta Inc., Lenovo Group Ltd., Lexmark International Inc., Ninestar Co. Ltd., Oki Electric Industry Co. Ltd., Panasonic Holdings Corp., Redington India Ltd., Ricoh Co. Ltd., Riso Kagaku Corp, Seiko Epson Corp., Sharp Corp., Toshiba Corp., Xerox Holdings Corp., Zebra Technologies Corp., and KYOCERA Corp..

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Key Market Trends Fueling Growth

The global printer market is experiencing a notable trend with the increasing adoption of 3D printing technology. Initially used for prototyping, 3D printing has evolved into a mainstream manufacturing tool, providing unmatched versatility and customization capabilities. Industries like healthcare, aerospace, automotive, and architecture are embracing this technology for producing patient-specific medical implants, lightweight aircraft parts, complex automobile components, and intricate architectural models. The consumer market is also witnessing the emergence of low-cost desktop 3D printers, enabling individuals and small businesses to create custom products. Advancements in material sciences and 3D printing technology are driving further expansion across various application segments, fostering innovation, efficiency, and customization. This trend is anticipated to significantly boost the growth of the global printer market during the forecast period. 

The global printers market is witnessing notable trends in ink cost, technology advancements, and functional versatility. Traditional technologies like dot matrix printers using ink-soaked cloth ribbons are giving way to digital printing methods such as inkjet, laser, and LED. Multi-functional printers catering to home and business needs are increasingly popular. Companies like TVS Electronics offer a range of multifunction printing devices with digital features and security enhancements. Impact printers continue to serve industries requiring hardcopy records, including POS terminals, cash registers, and ATMs. Line printers with control characters and special character sequences remain essential for large-scale data processing. The market growth is driven by the increasing demand for hardcopy peripheral units for text and image output from computers. Connectivity options like data cable, USB, short-range radio (Bluetooth), local area network (LAN), Ethernet, WiFi, and memory card readers expand the printers' reach. Environmental concerns are influencing the market, with some manufacturers focusing on reducing their carbon footprint by using ocean-bound plastic in their products. The residential printer segment is growing, driven by the need for affordable and convenient printing solutions. 

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Market Challenges

• The global printer market is expected to experience hindrance in growth due to the increasing digitization trend across various industries. With the rise of digital channels for advertising and sharing information, the demand for printed materials is decreasing. Enterprises are opting for electronic versions of documents such as e-brochures, e-catalogs, and e-annual reports instead of hard copies. Digitization has led to the emergence of cloud-based storage solutions, reducing the need for carrying and printing documents. Furthermore, mobile-based document scanners have also reduced the demand for scanner devices and multipurpose printers. Companies like Family Service Toronto and leading life insurance companies in India have digitized their paper documents to improve efficiency and productivity, reducing the dependency on printed documents. The pace of digitization is expected to accelerate in the forecast period, with enterprises adopting enterprise content management solutions and converting hard copies to digital format. This shift towards digitization will negatively impact the growth of the global printer market.
• The printers market faces several challenges in today's business environment. Automation is a key trend, with security being a top concern. Security experts warn of vulnerabilities in printer interfaces, making it essential for manufacturers to prioritize security. Environmental sustainability is another challenge, with UV-cured inks and thermal printing gaining popularity due to their eco-friendliness. Technology type is another consideration, with thermal printing offering wired and wireless options, while MFPs offer more features like network control. Monochrome and color printers cater to different needs, with enterprise printers and residential printers serving distinct markets. Mobile printing and cloud-based computing are transforming the industry, requiring software compatibility and ecosystems of inks. Inkjet printing offers various ink types, including solvent, water-based, and UV-based inks, while LED inks are gaining traction. Standalone printers and single-use devices have their place, but the market is shifting towards more advanced technology. Staying updated on these trends and addressing these challenges is crucial for success in the printers market.

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Segment Overview 

This printers market report extensively covers market segmentation by

1. Technology 
   • 1.1 Laser
   • 1.2 Inkjet
   • 1.3 Others
2. Type 
   • 2.1 Multifunction printers
   • 2.2 Single function printers
3. Geography 
   • 3.1 APAC
   • 3.2 Europe
   • 3.3 North America
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 Laser-  Laser printing is a popular non-impact printing technology that utilizes electrophotography or electrostatic charges for image production. In this process, a laser beam is used to induce charges on a drum or belt, which then attracts toner particles and transfers them onto paper. Laser printing offers several advantages over other technologies, such as faster printing speeds, higher precision, and lower running costs due to the use of dry toner. Laser printers are commonly used in offices for their accuracy, speed, and ability to handle a wide range of applications, including variable data and wide-format printing. Manufacturers like Ninestar Co. Ltd. Have expanded their laser printer offerings in response to growing enterprise demand. For instance, in January 2021, Ninestar launched its Elite Series, featuring six models. Key factors driving the adoption of laser printing technology include the emergence of compact laser printers, increasing demand for A4 and A3 laser multifunction printers from enterprises, and the declining average selling price of laser printers. However, the growth of this segment may be hindered by the emergence of ink tank printers. Despite this, the demand for laser printing technology is expected to remain steady during the forecast period due to its benefits for businesses.

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The global 3D printer market is experiencing significant growth, driven by advancements in technology and increasing adoption across various industries. In parallel, the global commercial printing market continues to expand, with digital printing leading the charge. Additionally, the global metal material-based 3D printing market is booming, fueled by demand from aerospace, automotive, and healthcare sectors. These markets are collectively transforming manufacturing processes, enhancing efficiency, and enabling complex designs that were previously unattainable. As innovation progresses, the future of these printing markets looks increasingly promising.

Research Analysis

The printing market encompasses a wide range of technologies and products, from printers for text and images on paper to mobile printing solutions. Color printing has become the norm, with advancements in inkjet technology leading the way. Packaging printing is another significant segment, utilizing various output technologies like solvent inks for large-format applications. Entry-level printers, such as A4 models, cater to individual and small business needs. Cloud-based computing and software play essential roles in the ecosystem, enabling seamless printing from computers, devices, and even mobile phones. Hardware components include printers, paper, and various connectivity options like data cables, USB, and short-range radio technologies such as Bluetooth. The printer functions as an electronic tool, converting electronic data into tangible outputs like text, images, and documents on paper.

Market Research Overview

The printing market encompasses various types of printers, including mobile, color, packaging, and entry-level printers. Printers utilize different output technologies such as inkjet, solvent, water-based, UV-based, and LED inks. Ink cost is a significant factor in the market, with digital printing and cloud-based computing offering cost-effective solutions. The ecosystem of inks includes a range of colors like cyan, magenta, yellow, and black. Analog printing technologies like dot matrix and impact printers are being replaced by digital printing, which offers faster turnaround times and greater versatility. Multi-functional printers and managed print services are becoming increasingly popular in both residential and commercial settings. Printers can be connected to computers and other devices via data cables, USB, short-range radio, Bluetooth, local area network, Ethernet, WiFi, and memory cards. Line printers and copiers are used in commercial and enterprise environments, while home printers cater to individual consumers. The global printer market is segmented into inkjet, laser, and LED printers, with applications in residential, commercial, educational institutions, and enterprises. Environmental impact is a growing concern, with some companies exploring the use of ocean-bound plastic in their products. Printers are essential electronic tools used to convert electronic data into hardcopy outputs, enabling the production of text, images, and other documents on paper or other printing media. They are an essential computer peripheral and office equipment, with digital features and security features becoming increasingly important.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• • Laser
  • Inkjet
  • Others
• Type
• • Multifunction Printers
  • Single Function Printers
• Geography
• • APAC
  • Europe
  • North America
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio