The global mechanical keyboard market is projected to witness a compound annual growth rate of 13.53% to grow to US$2,645.646 million by 2026, from US$1,088.489 million in 2020. Mechanical keyboards come up with advantages such as ease of typing and high durability, due to which they cater to a certain kind of audience and have been growing at a significant pace. As the gaming industry has been increasing at a rapid pace globally, the demand for mechanical keyboards has also been increasing, as gamers use mechanical keyboards for compatibility reasons. Furthermore, the rise in internet penetration and digitalization has been playing a significant role in the increased use of mechanical keyboards. According to data from the World Bank, the share of the global population that has internet reached 60% in 2021, from 40.91% in 2015. Moreover, the market players are coming up with novel keyboard launches with additional features which is further anticipated to impact the market positively. For instance, in January 2022, Logitech rolled out two economical mechanical keyboards, Logitech G413 SE and Logitech G413 TKL SE. The new keyboards have increased durability and possess tactile mechanical switches which are constructed from PBT plastic.
A surge in the gaming industry is projected to nudge growth in the market
As mechanical keyboards are widely used in the gaming industry, the growth in gaming is anticipated to boost the growth of global mechanical keyboard market as well. According to the Interactive Software Federation of Europe, the video game market in Europe reached 23.3 billion euros in 2020. The market witnessed a revenue increase by 22% in 2020. In the past years, it had grown by 3% in 2019, 15% in 2018 and 18% in 2017. Furthermore, the global esports audience grew from 398 million in 2019 to 474 million in 2021, while the global esports revenues reached US$1 billion from US$958 million in 2019, as per ISFE. The growth trend is projected to continue in the coming years as well and is expected to positively impact the sales of mechanical keyboards. Apart from the developed nations, the gaming industry has also been growing rapidly in several developing nations like India and China. According to data from IBEF, the gaming industry is witnessing one of the fastest growths among other industries in India and has grown by around 40% in 2019-20. It also states that the Indian gaming industry is projected to cross US$5 billion by 2025, from the 2019-20 revenue of US$1.5 billion. This is expected to boost the mechanical keyboard market as well, during the forecast period.
Regional Analysis
Geographically, the global mechanical keyboard market has been classified into North America, Europe, the Middle East, and Africa, South America, and the Asia Pacific. Due to increased demand for high-end computer-based accessories in countries such as China and Japan, Asia Pacific is predicted to rise significantly in the market. Further, government investments in digitization have prompted various companies to develop their operations in the Asia Pacific.
COVID-19 PANDEMIC
The mechanical keyboard market has been growing at a lucrative, owing to a surge in disposable income, a rise in internet penetration, and robust growth in the esports industry. The market witnessed a sudden boost during the spread of the COVID-19 virus. Lockdown was implemented to contain the spread of the virus and the adoption of remote as well as virtual modes of operations and entertainment resulted in a surge in the virtual gaming industry. These factors contributed to significant growth in demand for mechanical keyboards. Furthermore, with the rise in digital channels, internet penetration increased to sustain the newly adopted working infrastructure. Data from the World Bank shows that the proportion of the population having access to the internet increased from 49.907% in 2019 to 56.727% in 2020. A growth rate of 13.66% was overserved in internet penetration from 2019 to 2020, in comparison to 7.75% in 2018-19. Furthermore, gaining interest and participation in esports and virtual training sports, also nudge significant growth in the market.
Key Developments
Market Segmentation