Global Mechanical Keyboard Market - Forecasts from 2022 to 2027

Mechanical keyboards come with advantages such as ease of typing and high durability, due to the way they cater to a certain kind of audience and have been growing at a significant pace. As the gaming industry has been increasing at a rapid pace globally, the demand for mechanical keyboards has also been increasing, as gamers use mechanical keyboards for compatibility reasons. Furthermore, the rise in internet penetration and digitalization have been playing a significant role in the increased use of mechanical keyboards. According to data from the World Bank, the share of the global population that has internet access reached 60% in 2021, from 40.91% in 2015. Moreover, the market players are coming up with novel keyboard launches with additional features, which is further anticipated to impact the market positively. For instance, in January 2022, Logitech rolled out two economical mechanical keyboards, the Logitech G413 SE and the Logitech G413 TKL SE. The new keyboards have increased durability and possess tactile mechanical switches that are constructed from PBT plastic.

A surge in the gaming industry is projected to nudge growth in the market

As mechanical keyboards are widely used in the gaming industry, the growth in gaming is anticipated to boost the growth of the global mechanical keyboard market as well. According to the Interactive Software Federation of Europe, the video game market in Europe reached 23.3 billion euros in 2020. The market witnessed a revenue increase of 22% in 2020. In the past years, it has grown by 3% in 2019, 15% in 2018 and 18% in 2017. Furthermore, the global esports audience grew from 398 million in 2019 to 474 million in 2021, while the global esports revenues reached US$1 billion from US$958 million in 2019, as per ISFE. The growth trend is projected to continue in the coming years as well and is expected to positively impact the sales of mechanical keyboards. Apart from the developed nations, the gaming industry has also been growing rapidly in several developing nations like India and China. According to data from IBEF, the gaming industry is witnessing one of the fastest growth among other industries in India and has grown by around 40% in 2019-20. It also states that the Indian gaming industry is projected to cross US$5 billion by 2025, from the 2019-20 revenue of US$1.5 billion. This is expected to boost the mechanical keyboard market as well, during the forecast period.

Regional Analysis

Geographically, the global mechanical keyboard market has been classified into North America, Europe, the Middle East, Africa, South America, and Asia Pacific. Due to increased demand for high-end computer-based accessories in countries such as China and Japan, Asia Pacific is predicted to rise significantly in the market. Further, government investments in digitization have prompted various companies to develop their operations in the Asia Pacific.

COVID-19 PANDEMIC

The mechanical keyboard market has been growing at a lucrative, owing to a surge in disposable income, a rise in internet penetration, and robust growth in the esports industry. The market witnessed a sudden boost during the spread of the COVID-19 virus. The lockdown was implemented to contain the spread of the virus, and the adoption of remote as well as virtual modes of operations and entertainment resulted in a surge in the virtual gaming industry. These factors contributed to significant growth in demand for mechanical keyboards. Furthermore, with the rise of digital channels, internet penetration increased to sustain the newly adopted working infrastructure. Data from the World Bank shows that the proportion of the population having access to the internet increased from 49.907% in 2019 to 56.727% in 2020. A growth rate of 13.66% was overserved in internet penetration from 2019 to 2020, in comparison to 7.75% in 2018-19. Furthermore, gaining interest and participation in esports and virtual training sports, also nudges significant growth in the market.

Key Developments

• Razer, the gaming technology company, signed a Memorandum of Understanding (MOU) with Gamescom in October 2019.
• In April 2020, Razer Inc launched the Razer Huntsman Elite keyboard in the United States market
• In October 2020, Cherry GmbH was acquired by Argand Partners, a private equity firm, to have long-term competitive advantages and great growth prospects.

Market Segmentation:

BY APPLICATIONS

• Office
• Gaming

BY PRODUCT TYPE

• Linear Switches
• Clicky Switches
• Tactile/Non-Clicky Switches

BY END-USER

• Household
• Commercial

BY GEOGRAPHY

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others