Published on: November 21, 2019
A laptop is a compact and portable personal computer that is powered by a battery or an AC cord that is plugged into an electric outlet.
We have categorized the laptop market as a part of the overall technology hardware, storage and peripheral market. The technology hardware, storage and peripheral market covers manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals.
The global laptop market is expected to reach USD 105.4 billion by 2023 growing at a CAGR of 0.5% during the forecast period. The growing demand for gaming laptops and a gradual decline in the price of laptops are driving the growth of the market. Continuous innovation in design and easy availability of high-end specifications are a few of the major trends in the market which are expected to drive the demand for laptops during the forecast period.
Based on type, traditional laptops dominate the global laptop market with almost 90% of the global market share. Traditional laptops offer more storage space, powerful processor, bigger screen size and other features compared to 2-in-1 laptops. Further, the growing demand for commercial and gaming purposes also increased the demand for traditional laptops. However, owing to the increased demand for greater portability and sleek design, the 2-in-1 segment is witnessing higher growth in the market.
Moreover, based on geography, the North American region dominates the global laptop market followed by Europe. Both the region jointly accounted for almost 55% of the global market share. Customers in both the region have a high affinity toward electronic devices. Further, the market in these regions showed an increased interest toward high-end laptops with top of the market specification and innovative design. However, the APAC market registered the highest growth in the global laptop market owing to a combined impact of multiple factors including availability of low-priced products, increased consumer disposable income, increased digital literacy in the region, and the emergence of multiple new vendors. Further, government policies in the region announcing a reduction of import duties imposed on spare parts also helped to boost the growth of the market.
The global laptop market can be segmented into the following:
Many factors are expected to drive growth in the laptop market during the forecast period. Our analysis identifies the following factors to be driving the growth in the laptop market:
With the rapid saturation of developed markets such as the US and Europe, APAC has become the center of attraction for laptop market. To attract a greater number of customers, market vendors are introducing products in low-price range leading to increased market growth. Further, the growing market investments from APAC vendors like Lenovo and ASUS have led to the easy availability of these low-priced products.
With the increasing penetration of the internet and growing trend of gaming as a profession, the demand for gaming laptops is witnessing high growth. With the easy availability of high-end specifications, customers can easily get to play games which need high storage and top-notch processor. Market vendors are increasingly investing in the development of new gaming laptops with new features that are expected to further drive this demand.
Market vendors are increasingly investing in R&D, so as to provide more technologically developed products that can help them to gain more market share. Frequent introduction of high-end graphic cards, innovative product design, increased data storage capacity, and integrating new age processors in new laptops are compelling customers to purchase new laptops that are driving the growth of the market.
Meanwhile, the vendors operating in the market face numerous challenges in increasing their sales and improving profitability. Some of those challenges are:
The increased popularity and demand for other portable devices like tablets and smartphones pose a significant challenge to the growth of the global laptop market. With rapid technological development, a wide range of applications that were previously operated through laptops can now be easily done through smartphones and tablets. The applications associated with entertainment, office, internet access, and others can easily be operated through mobile devices. This is why a large group of customers has replaced their laptops with these devices.
The market for laptops is rapidly saturating especially in developed countries. With a low replacement cycle in the market along with high competition from substitute products, the competition among market vendors has become more intense. This situation has also made it difficult for market vendors to maintain their profit margins leading to a negative impact on the growth of the market.
Our reports on the global laptop market cover several large and small vendors active in the market including Lenovo Group Ltd., HP Development Company LP, Dell Inc., ASUSTeK Computer Inc., Apple Inc., and Acer Inc.
Partnership, technological development and introduction of new products are some of the strategies adopted by the manufacturers in the global laptop market.
Following are a few of the major developments in the market:
Backed with competitive intelligence and benchmarking, our laptop market research report is designed to provide entry support, customer and M&A assessment, as well as go-to-market strategy support.
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