The global Mechanical Keyboard Market is estimated to be valued at US$ 1,462.59 million in 2023 and is expected to exhibit a CAGR of 20.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mechanical keyboards are an advanced type of keyboard that use individual mechanical switches for each key. These keyboards offer several advantages over traditional membrane keyboards, such as better typing speed, accuracy, and durability. The need for efficient and comfortable typing experience is driving the demand for mechanical keyboards in various industries and sectors. These keyboards are widely used by gamers, programmers, writers, and professionals who require prolonged typing sessions.
Market key trends:
One key trend in the mechanical keyboard market is the increasing demand for customizable keyboards. Consumers are looking for keyboards that can be personalized according to their preferences, such as keycap customization, RGB lighting effects, and programmable macro keys. Customizable mechanical keyboards allow users to create a unique typing experience that enhances productivity and comfort. Manufacturers are focusing on providing a wide range of customization options to attract a larger customer base. This trend is expected to drive the growth of the mechanical keyboard market during the forecast period.
Porter's Analysis
Threat of New Entrants: The threat of new entrants in the mechanical keyboard market is relatively low. This is due to high barriers to entry such as the need for significant capital investment, strong brand loyalty among existing customers, and established distribution networks. Additionally, there are already well-established and dominant players in the market, which makes it difficult for new entrants to gain market share.
Bargaining Power of Buyers: The bargaining power of buyers in the mechanical keyboard market is moderate. While there is a large customer base for mechanical keyboards, buyers generally do not have a significant impact on pricing due to the strong brand reputation and product differentiation offered by key players in the market. However, buyers have the option to switch to substitutes or alternative brands if they are not satisfied with the offerings.
Bargaining Power of Suppliers: The bargaining power of suppliers in the mechanical keyboard market is relatively low. Key players in the market have established relationships with suppliers and often have long-term contracts in place, which gives them an advantage in terms of pricing and availability of key components. Additionally, the market has multiple suppliers, allowing key players to choose from a wide range of options.
Threat of New Substitutes: The threat of new substitutes in the mechanical keyboard market is relatively low. Mechanical keyboards have unique features such as improved typing experience, durability, and customizable options, which differentiate them from other types of keyboards. While there are alternative keyboard options available, such as membrane keyboards, they do not offer the same benefits as mechanical keyboards.
Competitive Rivalry: The competitive rivalry in the mechanical keyboard market is high. There are numerous key players operating in the market, each offering a wide range of products to cater to different customer preferences. Innovation and product differentiation play a crucial role in gaining a competitive edge. Key players often engage in aggressive marketing strategies and product development to maintain and increase their market share.
Key Takeaways
The Global Mechanical Keyboard Market Demand is expected to witness high growth, exhibiting a CAGR of 20.2% over the forecast period. This growth can be attributed to several factors, including the increasing demand for high-performance gaming keyboards, rising popularity of e-sports, and the growing trend of customization among keyboard users.
In terms of regional analysis, Asia Pacific is anticipated to be the fastest-growing and dominating region in the mechanical keyboard market. This can be attributed to the presence of major key players in countries like China and Taiwan, as well as the increasing adoption of mechanical keyboards in gaming and professional sectors in this region.
Key players operating in the mechanical keyboard market include ZF Friedrichshafen AG - Cherry, Huizhou Greetech Electronics Co. Ltd. - Greetech, Kaihua Electronics Co., Ltd. - Kaihl, Trantek Electronics Co., Ltd. - TTC, OMRON Corporation, Corsair, Razer Inc., Rapoo Corporation, Lenovo, Dell HP Development Company, A4TECH, and SteelSeries. These key players have a strong presence in the market and consistently introduce innovative products to meet the evolving customer demands.
In conclusion, the global mechanical keyboard market is poised for significant growth, driven by factors such as increasing demand for gaming keyboards, the rise of e-sports, and the need for customization among keyboard users. The Asia Pacific region is expected to be the fastest-growing market, and key players in the industry continue to invest in product innovation to maintain their competitive positions.
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Global Mechanical Keyboard Market Research Report — by Product Type (Linear, Clicky, & Non-Clicky (Tactile)), by Technology (Wired & Wireless), by Application (Typing, Gaming), and by End-user (Gaming Zones, Learning Institutes) - Forecast till 2023Mechanical Keyboard Market – OverviewThe high utility of mechanical keyboards has been the key factor driving the development of the market.
The market is anticipated to develop at a CAGR of 17% in the span of the forecast period.The gaming industry is fairly reliant in terms of the demand it experiences for mechanical keyboards with a high turnover rate; this fact is expected to bolster the market in the forecast period.
The rise in PC based games has increased the need for mechanical keyboards significantly.
The keyboard also exploits red mechanical switches that are of the linear variety.
The Lenovo Legion K500 mechanical keyboard is projected to be offered for purchase in April this year.Key PlayersSome of the key players of Mechanical Keyboard Market include Logitech (Switzerland), Corsair Components (U.S.), Razer Inc. (U.S.), SteelSeries (Denmark), Roccat Studios (Germany), A4Tech Co. Ltd. (Taiwan), OMRON Corporation(Japan), Rapoo Corporation (China), ZF Friedrichshafen AG (Germany), Kaihua Electronics Co. Ltd (China) and Huizhou Greetech Electronics Co. Ltd (China).Market SegmentationThe mechanical keyboard market is segmented on the basis of technology, application, product type, and end-user.
On the basis of product type, the mechanical keyboard market is segmented into clicky switches, linear switches, and non-clicky (tactile) switches.
