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 refer to keyboards that use mechanical switches underneath each key instead of rubber dome switches commonly used in non-mechanical keyboards. Mechanical keyboards offer enhanced typing experience with tactile and audible feedback. They are preferred by gamers, programmers and designers who spend long hours typing or gaming. Mechanical keyboards come in different switch types like Cherry MX switches to cater to different preferences for tactile feel and sound.
Market Dynamics:
The growth of the mechanical keyboards market is driven by rising demand for enhanced typing experience among professionals. Mechanical keyboards last significantly longer than regular keyboards as the mechanical switches have life span of over 50 million keystrokes. Also, availability of wide range of customization and personalization options for mechanical keyboards is fueling their adoption. Programmers, designers and gamers customize their keyboards with different keycaps, switches and layouts to improve productivity and gaming performance. Furthermore, growing E-sports industry is driving the popularity of mechanical keyboards among gamers. New product launches catering to gamers with programmable keys, RGB lighting and software is also propelling the mechanical keyboards market growth.
SWOT Analysis
Strength: Mechanical keyboards offer durability and longevity compared to membrane keyboards due to their usage of mechanical switches. They provide tactile and audible feedback for every key press which enhances typing accuracy and experience. Customization options in mechanical keyboards allow users to choose their preferred switch type, layout, and custom keycaps.
Weakness: Mechanical keyboards have a higher initial cost compared to regular membrane keyboards. They require regular cleaning and maintenance to keep the switches functioning smoothly for long-term usage. Complex designs and customization options make repairs and replacements difficult for non-technical users.
Opportunity: Growing popularity of gaming and increased time spent on computers/laptops is driving the demand for feature-rich keyboards. Rising disposable income levels in developing markets are encouraging users to opt for premium keyboards. Custom mechanical keyboards designed for specific tasks can unlock new revenue streams.
Threats: Availability of cheaper membrane keyboards as alternatives limits the potential customer base for mechanical keyboards. Slowdowns in global economic conditions can reduce discretionary spending on such speciality products.
Key Takeaways
The Global Mechanical Keyboard Market is expected to witness high growth, exhibiting a CAGR of 20% over the forecast period, due to increasing preference for specialty input devices among gamers and productivity enthusiasts.
Regional analysis: North America dominated the market in 2023 with a share of over 35%, owing to high consumer spending power and widespread popularity of PC gaming in the region. Asia Pacific is projected to be the fastest growing market during the forecast period, exhibiting a CAGR of 22%, due to large tech-savvy youth population and growing affordability of mid-range mechanical keyboards in countries like China, India, and South Korea.
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. These companies are focusing on new product launches catering to different switch types and form factors to attract diverse sets of buyers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
