The global office peripherals and products market is anticipated to reach USD 51.65 billion, by the end of 2025, and is projected to grow at a CAGR of 5.4% over the forecast period, from 2018 to 2025, according to a new report by Million Insights Rapid urbanization in developing countries is opening up new businesses which are anticipated to propel the demand for office peripherals. In addition, increasing demand for products like shredders, scanners, and printers is also boosting the market growth.
Moreover, a growing number of offices in sectors such as telecom, BFSI, IT, educational institutes, and transportation are projected to impact positively on the market growth. Manufacturers are focusing a lot on investment in R & D and advanced technologies to gain a competitive edge over others. The consumers are seeking for new & innovative products, which are in turn anticipated to surge the demand for office products.
Market Share Insights
Leading players in the market include Canon Inc., Yale (ASSA ABLOY), Epson America, Inc., Royal Sovereign, ZY Tech Co., Ltd, HP, Ameri-Shred, and Ozone Group. Key players in the market focus on strategic activities such as acquisitions, and new product launches to remain competent in the global market. For instance, in 2017, HP has acquired Samsung Electronics Co, a printer business to increase its product portfolio. Similarly, Epson America has launched new products printer business specifically for small business operations.
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Regional Insights
The Asia Pacific and North America are the key regions with the highest number of shipments and demand for shredders, scanners, counterfeit detectors, and printers.
In the Asia Pacific, the growing economies such as Japan, India, Australia, and China are expected to be major contributors in the market. Additionally, the growing investment by the government for the development of office supplies along with the rising telecom and IT sector is supporting the market growth.
Increasing population, literacy rate, and rapid urbanization in countries such as China, and Japan is boosting the demand for office peripherals. Growing economies like India, Singapore, Indonesia, and South Asia countries are also contributing significantly to market growth.
In Europe, the rising penetration of Startups along with favorable government programs is impacting positively on the market growth. Moreover, financial aids such as taxation schemes are supporting the growth of the regional market.
Impact of COVID-19
The demand for office peripherals including printers, scanners, and others has foreseen decline owing to the closedown of major offices and disruption in the supply chain caused by the COVID-19 pandemic. For example, according to the IDC tracker, in India, the office peripherals market has witnessed demand fall by 16.5% between January and March 2020.
The supply chain is disrupted because most of the vendors have their manufacturing facilities located in China. For example, HP’s majority of manufacturing facilities in China are now re-opening, however, the production is not at maximum capacity. Further, companies are expected to be more inclined towards online sales owing to the lockdown situation. In addition, during the pandemic people are staying at home and working from home, thus are purchasing office peripherals for their flexibility and comfort.
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