Printers Market by Type, Technology, and Geography - Global Forecast and Analysis 2020-2024

Printers Market by Type, Technology, and Geography - Global Forecast and Analysis 2020-2024

Global Printers Market: About this market

Technavio’s printers market analysis considers sales from both multifunction printers and single function printers. Our study also finds the sales of printers in APAC, Europe, North America, South America, and MEA. In 2018, the multifunction printers segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as integrating features like including fax, scan, and photocopiers, along with printing into a single device, will play a significant role in the multifunction printers segment to maintain its market position. Also, our global printers market report looks at factors such as rising demand from SMEs across globe, growing demand for large format printers from textile and advertising industries, and demand from developing countries. However, digitization in enterprises, growth of PaaS business model, refurbished and counterfeit printers, and printer supplies may hamper the growth of the printers industry over the forecast period.

Global Printers Market: Overview

Growing demand for large-format printers from textile and advertising industries

With the rapidly changing fashion industry, textile manufacturers are shifting their focus from analog printing to digital printing as the latter offers numerous benefits, including cost savings and eco-friendliness. This is encouraging market vendors to introduce new large-format printers to cater to the growing demand from the textile industry. Also, the rise in marketing and advertising activities have increased the demand for large-format printers for producing large banners, posters, and signs. Thus, the growing demand for large-format printers from the textile and advertising industries will lead to the expansion of the global printers market at a CAGR of over 2% during the forecast period.

The emergence of ink tank printer

Ink tank printers are gaining momentum in the market due to their high print quality, cost benefits, and high speed of printing. This printer type comes with a dedicated ink tank for each color, such as cyan, yellow, black, and magenta. Ink tank printers use a bulk ink system, which supplies ink continuously to the printer. Although the cost of ink tank printers is high, the low cost per print and low running cost will boost the popularity of these printers among end-users. Moreover, ink tank printers have a longer life cycle and can print a larger number of pages than other printers. This development is expected to have a positive impact on the overall market growth.

For the detailed list of factors that will drive the global printers market during the forecast period 2020-2024, click here.

Competitive Landscape

With the presence of several major players, the global printers market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading printers manufacturers, that include Brother Industries Ltd., Canon Inc., HP Inc., Konica Minolta, Inc., Kyocera Corp., Lexmark International Inc., Ricoh Co. Ltd., Seiko Epson Corp., Sharp Corp., and Xerox Corp.

Also, the printers market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.