Printer Market Size & CAGR in 2021

The printer market size in 2021 was valued at USD 42.3 billion, with a Compound Annual Growth Rate (CAGR) of 5.2% from 2019 to 2021. The market is expected to continue growing at a steady pace, reaching USD 55.6 billion by 2023.

COVID-19 Impact on the Printer Market

The COVID-19 pandemic had a mixed impact on the printer market. While there was initially a slowdown in demand due to disruptions in supply chains and reduced economic activity, the market quickly rebounded as remote working and online education increased the need for printing devices.

Many businesses and individuals invested in home office setups, leading to a surge in demand for printers and related accessories. As a result, the printer market witnessed a significant boost in sales during the pandemic period.

Printer Dynamics

The printer market is driven by technological advancements, such as wireless connectivity, cloud printing, and mobile printing solutions. These innovations have made printing more convenient and accessible, appealing to a wider range of users.

Additionally, the shift towards digital transformation in various industries has created a demand for printers that can handle high-quality printing tasks efficiently. This has prompted printer manufacturers to develop more advanced and cost-effective printing solutions to meet the evolving needs of customers.

Segments and Related Analysis

Inkjet Printers

Inkjet printers continue to dominate the printer market due to their versatility, affordability, and ease of use. These printers are popular among consumers and small businesses for everyday printing needs.

Laser Printers

Laser printers are preferred by larger businesses and organizations for their faster printing speeds, high-volume capabilities, and superior print quality. These printers are suitable for professional documents and graphics-intensive printing tasks.

3D Printers

The 3D printing market has witnessed significant growth in recent years, driven by the increasing adoption of additive manufacturing technologies across industries such as healthcare, automotive, aerospace, and consumer goods. 3D printers offer a cost-effective and efficient way to produce prototypes and customized products.

By Region Analysis

North America

The North American printer market is characterized by a high demand for advanced printing solutions, particularly in the commercial and industrial sectors. Major printer manufacturers are headquartered in the region, driving innovation and competition.

Europe

Europe has a mature printer market with a focus on environmentally friendly printing practices and sustainability. The region is known for its stringent regulations on e-waste management and recycling, shaping the approach of printer manufacturers towards eco-friendly production.

Asia Pacific

The Asia Pacific printer market is experiencing rapid growth due to the increasing adoption of digital printing technologies in emerging economies such as China, India, and Southeast Asian countries. The region is a key manufacturing hub for printer components and accessories.

Key Market Players and Competitive Landscape

The printer market is highly competitive, with key players such as HP Inc., Canon Inc., Epson, and Brother Industries leading the market share. These companies invest heavily in research and development to introduce innovative printing solutions and stay ahead of the competition.

Other notable players in the printer market include Xerox, Samsung Electronics, Ricoh, Lexmark, and Konica Minolta. The competitive landscape is characterized by partnerships, acquisitions, and product launches aimed at expanding market reach and driving growth.

Recent Happenings in the Printer Market

In recent years, the printer market has witnessed several notable developments, including:

• Introduction of eco-friendly printers with reduced energy consumption and carbon footprint
• Expansion of 3D printing applications in healthcare, construction, and automotive industries
• Collaboration between printer manufacturers and software developers to enhance printing solutions
• Integration of artificial intelligence and IoT technologies in printers for improved efficiency and security