According to new report of Million Insights, the global laptop market size is projected to account for USD 108.91 billion by the end of the forecasted year and is expected to grow with 0.4% CAGR over the forecast period, from 2018 to 2025. Increasing spending on consumer electronics devices coupled with evolving lifestyles is a key factor driving the market growth during the forecast period. In addition, growing demand for technologically advanced laptops in emerging countries owing to rapidly changing needs is expected to further drive the market growth in the next few years.
Factors such as growing adoption of wireless connectivity as well as mobility solutions with affordable prices among consumers are expected to surge the demand for laptops. Moreover, technologically advancement and homogeneous standardization of laptops are reducing power consumption, increasing processing power, and also reducing cost, thereby expected to drive the market growth during the forecast period.
Market Share Insights
The market is highly competitive due to the presence of various giants such as Dell; ASUSTeK Computer Inc.; HP Development Company, L.P., Acer Inc.; and Apple Inc. These key players are investing in research & development activities to develop technologically advanced laptops at affordable prices. This initiative is expected to help market players to strengthen their footprints in a competitive market.
Further, OEMs are continuously focusing on strategies like partnerships, collaborations, and accusations to offer advanced feature laptops. For instance, in 2019, McAfee announced a collaboration with Dell to offer pre-installed security software on laptops and PCs across the globe.
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Impact of COVID-19
The covid-19 pandemic has witnessed a positive impact on the market. The sudden shift to remote learning and work from home during an outbreak of COVID-19 has increased the demand for laptops. Most people are preferring laptops due to their easy connectivity and mobility. During this situation, laptops are becoming an essential commodity for personal use and enterprises, as they are looking for security, connectivity, and mobility.
Several companies have introduced laptops with advanced features due to the sudden increase in demand for laptops. In June 2020, Lenovo has introduced the IdeaPad Slim 3 in the market and featuring, hybrid storage, Intel’s 10th generation processors, Wi-Fi 6, and others. Therefore, the growing demand for laptops among enterprises and home users is expected to drive market growth during the pandemic situation.
Regional Insights
In terms of revenue, North America and Europe held more than 50.0% market share together, in 2017. The laptops market in these regions is saturated; thereby this is expected to result in a slow growth rate over the forecast period in terms of revenue. Factors such as longer replacement cycles and a lack of technological advancements are expected to hamper the demand for laptops in these regions.
Asia Pacific market is projected to grow at the highest CAGR in terms of revenue during the forecast period. Government support for reducing import duties imposed on spare parts of electronic devices is expected to drive regional market growth, especially in emerging countries. In addition, governments’ initiatives across emerging countries such as Make in India, Digital India, and Made in China 2025 coupled with increasing investment in e-commerce and retail sectors are expected to propel the demand for laptops in this region
Further, the Middle East & Africa, and Latin America markets are expected to witness substantial growth over the forecast period. This growth is attributed to growing awareness regarding the benefits of laptops coupled with rising spending on consumer electronics devices and developing internet infrastructures.
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