July 20, 2024
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Mechanical Keyboard Market is Estimated To Witness High Growth Owing To Greater Customization Options

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 provide tactile and audible feedback compared to membrane keyboards. They are more durable and customizable with options for various keycap designs, switch types, materials, and lighting effects. Gaming enthusiasts, software developers, and writers prefer mechanical keyboards for their precise keystrokes and comfortable typing experience over long durations.

Market key trends:
One of the major trends in the mechanical keyboard market is the growing demand for greater customization options. Manufacturers offer hot-swappable PCB boards that allow users to change switches without soldering. They provide different keycap materials like ABS plastic, PBT plastic, and aluminum. Users can also customize keyboard layouts, switch type per key, and RGB lighting effects as per their preferences. This has increased the addressable market for mechanical keyboards among hobbyists and custom enthusiasts. Web-based configurators give the flexibility to build fully customized boards from diverse component options.

Porter’s Analysis
Threat of new entrants: Low capital requirement for manufacturing mechanical keyboard but high R&D investment required to compete with established brands pose moderate threat for new entrants.
Bargaining power of buyers: Large customer base and availability of substitutes empowers buyers to negotiate on price. However, brand loyalty gives some advantage to established brands.
Bargaining power of suppliers: Few large suppliers and availability of raw material from multiple sources reduces supplier power.
Threat of new substitutes: Membrane keyboards and other input devices like touchpads pose moderate threat as substitutes. Competitive rivalry: Intense competition among established brands keeps prices and profit margins low.

SWOT Analysis
Strength: Durable construction and tactile feedback enhance user experience. Customization options attract niche gamers and enthusiasts.
Weakness: Higher price than membrane keyboards limits mass adoption. Require cleaning and maintenance.
Opportunity: Growing popularity of esports and PC gaming expands the target audience. Increasing remote working and hybrid work models boost demand.
Threats: Alternatives like laptop keyboards possess portability advantage. Economic slowdowns negatively impact discretionary spending on such products.

Key Takeaways
The Global Mechanical Keyboard Market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing popularity of esports and PC gaming. Asia Pacific dominates the market currently due to large customer base in countries like China and growing middle-class population with disposable income in countries like India. 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. Regional analysis Asia Pacific accounts for the largest share in the global mechanical keyboard market currently and is expected to maintain its dominance over the forecast period. China possesses the largest customer base for PC gaming and availability of cost-effective products. India is projected to witness fastest growth due to rising disposable incomes and increasing popularity of esports. 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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it