Laser Printer Market – Overview
The increased usage of printers in office spaces for official purposes is one of the main reasons for the growth of the sector. Market Research Future which concentrates on market reports associated to the electronics and semiconductors sector amongst others lately made available a report on this industry. The laser printer market around the world is projected to earn revenues worth USD 2,322 million by the year 2023, while growing at 16 per cent CAGR between 2017 and 2023.
Due to the rapid rise in the market for laser printers, the market is also taking specific steps for the development of the market in terms of technological advances. Since the increase in the requirement of printing various documents, the demand for such printers has increased considerably in the past few years. The rise in the market is further fuelled by the growth of demand from the consumer end from both the residential and commercial sector. The need for better printing solutions has also encouraged other competitors to enter the market so as to capitalize on the opportunities present.
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Industry Updates:
Jan 2018 The Brother Company has released a range of new printers and all-in-ones. The complete list of devices comprises of three printers: the Brother HL-L2370DW, HL-L2350DW and HL-L2370DW XL. There are also three more devices that are a part of the multifunction devices range capable of copying, printing and scanning such as the Brother HL-L2395DW, HL-L2390DW and DCP-L2550DW. The additions across the product range includes auto-fulfillment with options together with Amazon Dash Replenishment and Brother Refresh, which implies that the replacement toner cartridges will routinely be dispatched before the printer runs out of ink.
Mar 2018 HP Inc which has an established presence as the leader in printing across the world, recently presented the new HP LaserJet Pro M15 and M28 series which is expected to be the smallest laser in its category. This product is designed to give small and micro business owners unmatched productive and fast printing that can be adapted for any requirement or environment. The product which is 30% smaller than the previous generation, feature a sleek and compact design that can fit nearly anywhere.
Key Players
The prominent players in Laser Printer Market are – HP (U.S.), Canon, Inc. (Japan), Samsung Electronics Co., Ltd. (South Korea), Brother Industries, Ltd. (Japan), Fuji Xerox Co., Ltd. (Japan), Dell, Inc. (U.S.), OKI Electric (Japan), The Ricoh Company, Ltd. (Japan), Lexmark International, Inc. (U.S.), Kyocera Corporation (Japan), Seiko Epson Corporation (Japan) and others.
Global Competitive Analysis
The trend for diversification in the industry has enabled the competitors to access the profitable circumstances accessible in this market are being applied by candidates who are trying to increase their market coverage by focused development which can encourage the expansion of this business sector. The merchandise are also being diversified to large extent to keep up with the robust pace of technological discoveries. The companies are trying to create and capture economic value together in an appropriate manner. This has raised the possibilities for the approaching growth period significantly. This consequence has further proven to be productive for companies so they can fix targets that can uphold their profitable enterprise’s liquidity to take the most active decisions in terms of strategy execution and designing.
Laser Printer Market Segmentation
The laser printer market has been segmented on the basis of type and end user. The type segment is further bifurcated into single function and multi-function printer. Out of which, the multi-function laser printer being the more popular one and holding the largest market share of the laser printer market. Multi-function printers are being increasingly implemented in SMEs and large enterprises owing to its cost effectiveness and multi-functional capabilities.
Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in laser printer market in North America is attributed to technical advancements and increasing demand for cost efficient printing solutions for high volume printing needs in that region.
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Intended Audience
- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Printer Manufacturers
- Corporate Offices
- Government Institutions
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