April 17, 2024
mechanical keyboard market

Mechanical Keyboard Market estimated to surpass US$2 Billion by 2023 due to growing e-sports revenue

The mechanical keyboard market has witnessed significant growth over the recent past owing to the growing popularity and revenue of the e-sports industry. Mechanical keyboards offer superior tactile feel and responsiveness making them a preferred choice for serious gamers and e-sports professionals. Mechanical switches last significantly longer than regular keyboards and offer better control and precision.

The global Mechanical Keyboard Market is estimated to be valued at US$ 2113.16 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the primary factors driving the growth of the mechanical keyboard market is the rising revenue of the e-sports industry. The e-sports market revenue grew by 15.7% in 2019 to reach US$ 956 million and is expected to cross $1.8 billion by 2023. Countries like China, South Korea and the U.S have emerged as global hubs for e-sports. Mechanical keyboards are widely used by e-sports professionals and enthusiasts as they provide superior tactile response and durability crucial for gaming performance. As the popularity and prize money of e-sports tournaments continue to increase, more gamers are opting for mechanical keyboards to gain a competitive edge, thereby propelling the market growth.

SWOT Analysis
Strength: Mechanical keyboards are more durable than membrane keyboards as they do not wear out easily. They offer better tactile feedback and are preferred by gamers and programmers.

Weakness: Mechanical keyboards are expensive compared to regular keyboards. They generate more noise that can be disruptive for others in office environments.

Opportunity: Rising popularity of gaming and increasing number of programmers has increased the demand for mechanical keyboards. There is an opportunity to introduce affordable mechanical keyboards to target cost-sensitive customers.

Threats: Availability of cheaper membrane keyboards is a threat. Customers may stick to regular keyboards due to their lower costs. Technology changes can make certain components obsolete quickly.

Key Takeaways
The Global Mechanical Keyboard Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Mechanical Keyboard Market is estimated to be valued at US$ 2113.16 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

North America currently dominates the market owing to high penetration of PCs and growing popularity of gaming. Many leading keyboard manufacturers such as Logitech, Razer, Ducky, and Anne Pro are based in North America which has strengthened its position as the largest regional market. The Asia Pacific region is expected to be the fastest growing market for mechanical keyboards during the forecast period. Rising incomes, increasing internet and PC penetration coupled with growing interest in gaming and programming are driving the demand. Countries like China, Japan, and South Korea have strong manufacturing capabilities for mechanical keyboard components providing domestic companies a competitive advantage.

Key players operating in the mechanical keyboard market are Gilead Sciences, ViiV Healthcare, Merck & Co., Inc., GlaxoSmithKline PLC, Bristol-Myers Squibb Company, Johnson & Johnson, AbbVie Inc., Janssen, Pharmaceuticals, Inc., Theratechnologies Inc., Shionogi & Co., Ltd. These players are focused on developing affordable mechanical keyboards to target a wider customer base and gain more market share.

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