The global inkjet printers market is anticipated to reach a valuation of US$ 59.1 billion in 2023, driven by growing demand for UV-curable inks. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.7% between 2023 and 2033, and reaching a total valuation of approximately US$ 113.1 billion by 2033.
One of the primary factors driving the growth of the inkjet printers market include the continuous technological advancements in inkjet printing technology. Inkjet printers have witnessed remarkable improvements in printing speed, print quality, and versatility. Advanced printhead technology, higher resolution capabilities, and the ability to print on a wide range of substrates have expanded the application scope of inkjet printers. The advancements are expected to drive the adoption of inkjet printers in industries such as advertising, packaging, textiles, and signage.
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A significant factor contributing to market growth is the growing demand for digital printing. There is a rising need for printers that can deliver high-quality prints with shorter turnaround times and customization options, with the shift from traditional analog printing methods to digital printing. Inkjet printers, with their ability to produce vibrant colors and precise details, are well-suited for digital printing applications. They offer cost-effective printing solutions for small to medium print runs and find extensive usage in various industries, including advertising, publishing, and packaging.
The increased adoption of inkjet printers in industrial printing applications is also accelerating market growth. Industries such as pharmaceuticals, food and beverage, and logistics require efficient and reliable printing solutions for product labeling, coding, marking, and packaging. Inkjet printers offer the capability to print variable data, including barcodes, QR codes, and serial numbers, on different substrates. The versatility makes them highly valuable in industrial applications where accuracy and durability are crucial. As the demand for industrial printing solutions continues to rise, the inkjet printers market is expected to witness substantial growth.
Key Takeaways from the Market Study
- Global inkjet printers market was valued at US$ 55.4 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 5.9%.
- China is expected to hold a dominant CAGR of 7.7% during the forecast period.
- By printer type, the large format printers segment is expected to constitute a CAGR of 6.6% in 2033.
- On the basis of end-user industry, the institutional segment is expected to dominate the market with a CAGR of 6.5% in 2033.
- From 2023 to 2033, inkjet printers market is expected to flourish at a CAGR of 6.7%.
- By 2033, the market value of inkjet printers is expected to reach US$ 113.1 billion.
Rising popularity of eco-friendly printing solutions, across the globe is a major factor that is expected to propel the growth of the inkjet printers market in the near future, remarks an FMI analyst.
Competitive Landscape
Prominent players in the inkjet printers market are HP Inc., Canon Inc., Seiko Epson Corporation, Domino Printing Sciences plc, Brothers Industries Ltd., Hitachi Industrial Equipment Systems Co., Ltd., Inkjet Inc., Xerox Corporation, Videojet Technologies, Inc., Markem-Imaje Corporation, and Lexmark International, Inc., among others.
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The global inkjet printers market is expected to be valued at over US$ 52.1 Billion in 2022 and is expected to procure significant market value during the forecast period. The market is likely to record at a CAGR of 6.5% from 2022 to 2028.
Inkjet printers are non-contact printers which use a nozzle to propel the ink on the substrate. The nozzle of inkjet printers is controlled digitally. Different inkjet printers are used according to the various applications. Single and multifunctional inkjet printers are used in institutions like offices, schools, and colleges. Large format inkjet printers are used to print posters, photographs. Industrial inkjet printers are used for marking, coding, and printing labels generally for packaging. While inkjet press is used for bulk printing such as books, catalogues, and magazines.
In the report, FMI suggests that multi-functional and large format inkjet printers segments are expected to play a critical role in the growth in demand for inkjet printers during the forecast period. Inkjet printers due to lower investment cost and high print quality are expected to witness an increase in preference over counterparts such as laser printers which are used in many emerging countries.
The APEJ is expected to spearhead the global growth in the inkjet printers market. The presence of radially emerging economies, increasing living standards, and the large urban population are expected to be the critical drivers for the growth of inkjet printers market in the region. According to FMI, multifunctional inkjet printers are expected to have the largest market share in the inkjet printers market in the region due to the versatility of the multifunctional inkjet printers and increased penetration of multifunctional inkjet printers in offices, schools, colleges, and other institutes. China is expected to outpace the other countries in growth of inkjet printers market in the APEJ.
North America and Western Europe are projected to witness stagnant growth due to the maturity of the inkjet printers market in the regions. The US in North America and Germany in Western Europe are expected to have the largest market share because of the higher preference of the consumers for inkjet printers over other printers. However, the large format inkjet printers are estimated to have maximum growth in the region due to the increasing trend of adopting large format printers for the poster printing in advertisement and the professional photo printing.
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Latin America and MEA are expected to be the promising markets in the global inkjet printers. The emerging economies in North Africa and Latin America, specifically Argentina and Mexico, are expected to represent high incremental opportunities due to increased penetration of inkjet printers into end-user industries. The paper segment, by substrate type segmentation of inkjet printers market, is expected to have the highest share in the inkjet printers market of Latin America and MEA due to the higher consumption of copier papers in the regions.
Japan accounts for a smaller share in the global inkjet printers market. However, Japan-based companies such as Seiko Epson Corporation, Canon Inc., and Brother Industries Ltd combine to have the highest market share in the global inkjet printers market.
The companies involved in inkjet printers manufacturing have their key focus on enhancing the ink carrying capacity of the inkjet printers and to increase the global footprint through acquisitions and expansions. The manufacturers of inkjet printers are likely to eye the profitable region of Asia Pacific in the coming years. Mass urbanization in these countries, coupled with improved standards of living, is expected to be the key driving force behind growth in demand for inkjet printers.
Key players considered in the report on inkjet printers market include HP Inc., Canon Inc., Brother Industries, Ltd., Seiko Epson Corporation, Xerox Corporation, Hitachi Industrial Equipment Systems Co., Ltd, Lexmark International Inc., Domino Printing Sciences plc, Inkjet, Inc., Markem-Imaje Corporation, and Videojet Technologies, Inc.
Inkjet Printers Market by Category
By Printer Type:
- Single functional Printers
- Multi-functional Printers
- Large Format Printers
- Industrial Inkjet Printers
- Textile Inkjet Printers
- Inkjet Press
By Technology Type:
- Continuous Inkjet
- Drop on Demand
- Thermal DOD
- Piezoelectric DOD
By Substrate:
- Plastic
- Metal
- Paper
- Fabric
- Ceramic
- Others
By End-use Industry:
- Consumer
- Institutional
- Industrial
- Packaging
- Publishing
- Photography
- Textile
- Advertisement
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEJ
- Japan
- Middle East & Africa (MEA)
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