The Mechanical Keyboard Market is estimated to be valued at US$ 2113.16 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mechanical keyboards are used mainly for gaming as they offer better tactile and audible feedback compared to regular keyboards. They contain mechanical switches underneath each key that provide precise key presses. Some common type of switches used are Cherry MX, Gateron, and Kailh switches. Mechanical keyboards are also preferred by programmers and designers who require high typing accuracy.
Market Dynamics:
The growth of the mechanical keyboard market is driven by the increasing popularity of online multiplayer and esports games. Gamers prefer mechanical keyboards for their faster response times and durability during long gameplay sessions. They also enhance the gaming experience. Another driver is the rising demand from professional typists and programmers who need keyboards with long lifespan and powerful key presses for heavy duty operations. Mechanical keyboards last considerably longer than regular keyboards as the switches have a lifespan of around 50 million key presses. Their premium pricing and availability of wide customization options also appeal to enthusiasts and technology experts.
Segment Analysis
The Global Mechanical Keyboard Market can be segmented based on switches, application, distribution channel, and geography. Based on switches, the market is divided into Cherry MX, Kailh, Gateron, Outemu, and others. Cherry MX switches are expected to dominate the market during the forecast period due to their greater durability and precise tactile feedback compared to other switches.
PEST Analysis
Political: Government regulations regarding the use of toxic materials in the manufacturing of keyboard switches can hamper the market growth. However, supportive initiatives for the gaming industry will drive the mechanical keyboard market.
Economic: Rising disposable incomes and increased spending on gaming and ergonomic office accessories are fueling market growth. However, high competition and pricing pressure may restrain the industry.
Social: Growing interest of youngsters in gaming and live streaming is augmenting demand. Increasing popularity of e-sports is also propelling the market.
Technological: Advancements in switch designs, features like RGB backlighting, wireless connectivity, and compact sizes are expanding use cases and attracting new customers.
Key Takeaways
The global mechanical keyboard market size is expected to reach US$ 3,848.52 Mn by 2030, expanding at a CAGR of 20% during the forecast period. Increasing popularity of gaming and live streaming culture drives the industry's growth.
Regional analysis: Asia Pacific dominates the market and is expected to maintain its leading position during the projection period as well. Countries like China, Japan, and South Korea have a large number of gaming enthusiasts and keyboard manufacturers.
Key players: Key players operating in the mechanical keyboard market are 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. Cherry remains the most preferred brand owing to its long-standing reputation in the industry.
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