Theprinters market is expected to grow by USD 6.91 billion during 2020-2024,according to the latest market research report by Technavio.
With the rapidly changing fashion industry, textile manufacturers areshifting their focus from analog printing to digital printing as the latteroffers various benefits, including cost savings and eco-friendliness. This isencouraging market vendors to introduce new large-format printers to cater tothe growing demand from the textile industry. Also, the rise in marketing andadvertising activities have increased the demand for large-format printers toproduce large banners, posters, and signs. Thus, the growing demand forlarge-format printers from the textile and advertising industries is expectedto foster the growth of the global printers market during the forecast period.
As per Technavio, the emergence of ink tank printer will have a positiveimpact on the market and contribute to its growth significantly over theforecast period. This research report also analyzes other significant trendsand market drivers that will influence market growth over 2020-2024.
Global Printers Market: Emergence Of Ink Tank Printer
Ink tank printers are gaining momentum in the market due to their highprint quality, cost benefits, and high speed of printing. Ink tank printers donot carry a built-in print head that holds ink. This printer type comes with adedicated ink tank for each color, such as cyan, yellow, black, magenta. Inktank printers also use a bulk ink system, which supplies ink continuously tothe printer. Thus, the increasing adoption of ink tank printers is expected todrive the growth of the market during the forecast period.
Global Printers Market: Segmentation Analysis
This market research report segments the printers market bytype (multifunction printers and single function printers), technology (laser,inkjet, and others) and geography (APAC, Europe, MEA, North America, and SouthAmerica).
The APAC region led the printers market in 2019, followed by Europe,North America, South America, and MEA. During the forecast period, the APACregion is expected to register the highest incremental growth due to factorssuch as the increasing IT investments by SMEs, the growing number of SMEs andstartups, and the rising disposable incomes of people.
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