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5 year forecast: Printer market growth of 2% by 2024

5 year forecast: Printer market growth of 2% by 2024

In a new report by Reportlinker.com they are predicting the global printer market to grow at a CAGR of over two percent during the forecast period.

The new report entitled “Printers Market by Type, Technology, and Geography – Global Forecast and Analysis 2020-2024”, predicts the global printer market to grow at a CAGR of over two percent during the forecast period.

Reportlinker.com’s printer 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, according to the report. 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 printer segment to maintain its market position.

The global printer market report also looks at factors such as rising demand from SMEs across the globe, growing demand for Large-Format printers from textile and advertising industries, and demand from developing countries. However, digitisation in enterprises, growth of PaaS business model, refurbished and counterfeit printers, and printer supplies may hamper the growth of the printer industry over the forecast period.

The report also looks at how ink tank printers are gaining momentum in the market due to their high print quality, cost benefits, and high speed of printing. 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.

Reportlinker.com states that with the presence of several major players, the global printer market is fragmented. This 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 printer market analysis report includes information on upcoming trends and challenges that will influence market growth.

September 2021