by The global Mechanical Keyboard market is estimated to be valued at US$ 2113.16 Mn in 2023 and is expected to exhibit a CAGR of 20.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The mechanical keyboard market offers different types of keyboards that are much more tactile and durable than typical membrane keyboards. Mechanical keyboards consists of individual mechanical switches beneath each key that provide precise keystrokes and better feedback. There are different types of mechanical switches available such as Cherry MX, Kailh, Gateron and Outemu switches that vary in activation force, sound and feel.
Mechanical keyboards are increasingly being used by gamers and esports players due to their durability and precise keystrokes. They also have customizable RGB backlighting which enhances the gaming experience. With rising popularity of online gaming and esports, the demand for high-performance gaming keyboards is growing. Additionally, mechanical keyboards are also gaining traction in offices and corporate environments due to comfort of use over long durations of typing.
Market Key Trends:
One of the key trends in the market is growing gamer population and esports viewership. According to Newzoo, global esports viewership reached 647.2 million in 2021 and is projected to surpass 700 million by 2024. Surging interest in games and esports tournaments is fueling the demand for high-end gaming accessories including mechanical gaming keyboards.
Another important trend is increasing popularity of Tenkeyless (TKL) and 60% compact keyboards. These keyboards reduce the keyboard footprint without compromising on functionality for gamers with limited desk space. They remain popular choices for competitive gamers. Advances in switch technologies by leading manufacturers is also a major trend. Companies are introducing novel switch variations with unique actuation points and customized feedback to enhance typing and gaming experience.
Porter’s Analysis:
Threat of new entrants: Low due to high initial investment required to set up manufacturing units for mechanical keyboards. Also established players have strong brand loyalty.
Bargaining power of buyers: Moderate due to availability of substitute products like membrane keyboards. But mechanical keyboards have dedicated customer base due to better typing experience.
Bargaining power of suppliers: Low due to availability of diversified component suppliers and insignificant switching costs.
Threat of new substitutes: Low as mechanical keyboards have been used for long and have developed a niche with advantages over membrane keyboards. However, voice assistants can be a potential threat.
Competitive rivalry: High among existing players due to no differentiation in core product. Players focus on innovative features, build quality, durability and brand positioning.
Key Takeaways:
The Global Mechanical Keyboard Market Size is expected to witness high growth, exhibiting CAGR of 20.2% over the forecast period, due to increasing preference for personalized computing devices among professionals and gamers.
Regional analysis: Asia Pacific region is expected to witness fastest growth in the mechanical keyboard market during forecast period. This can be attributed to increasing disposable incomes, rising number of PC and laptop gamers and surge in e-sports activities in the region. China dominates the APAC market owing to presence of several domestic manufacturers.
Key players: Key players operating in the mechanical keyboard market are Huizhou Greetech Electronics Co. Ltd., Kaihua Electronics Co., Ltd. Trantek Electronics Co., Ltd. €“ TTC, OMRON Corporation, Corsair, Razer Inc., Rapoo Corporation, Lenovo, Dell HP Development Company, A4TECH, and SteelSeries. These players are focusing on new product launches and partnerships with e-sports teams and gamers to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
