Increase in digitization, high demand from the Asia-Pacific region, rise in internet penetration, and growth in adoption of smart devices are the factors driving the growth of the global stylus pen market.
As per the report published by Allied Market Research, the global stylus pen market generated $0.83 billion in 2019, and is anticipated to reach $1.22 billion by 2027, witnessing a CAGR of 5.5% from 2020 to 2027. The report offers a comprehensive market overview, prime winning strategies, current trends, market forecast, key market players, drivers, opportunities and restraints.
Asavari Patil, a Lead Analyst, Semiconductor and Electronics, stated, “The stylus pen market in Asia-Pacific is projected to grow at the highest rate during the forecast period, attributing to factors such as huge development of education industries in developing economies. Moreover, developed nations tend to witness high penetration of stylus pen technology in tablets, and laptops, segments, significantly adding toward the growth of the market.”
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Covid-19 pandemic impact on the global stylus pen market:
• The partial or complete lockdown across the world has disrupted the global supply chain, creating issues for manufactures to reach customers.
• The global stylus pen market experienced growth in demand due to increase in digitalization across various sectors such as government, education, and businesses.
The global stylus pen market is expected to manifest significant growth during the forecast period. Rise in digitalization, high accuracy, and better control compared to mouse & trackpad are the key factors that drive the growth of the stylus pen market. On the other hand, constant technological progress is a major restraint to the global stylus pen industry as organizations will have to stay updated and keep investing constantly in order to stay competitive Digitization of the government & education sector is expected to create opportunities for the industry.
The global stylus pen market is segmented into platform type, type, screen type, application, and region.
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Based on type, the active segment contributed to more than two-thirds of the global stylus pen market share in 2019 and is anticipated to lead by the end of 2027. The same segment would manifest the highest CAGR of 5.9% throughout the forecast period.
Based on the platform, the android segment was responsible for more than two-fifths of the global stylus pen market revenue in 2019, and is expected to lead the market by 2027. The same segment is expected to witness the fastest CAGR of 6.2% during the forecast period.
Based on region, North America contributed the highest revenue in the market in 2019, accounting for more than one-third of the market. The market across Asia-Pacific, on the other hand, is expected to portray the highest CAGR of 6.8% from 2020 to 2027.
Key leading players of the global stylus pen market include Hewlett Packard Enterprise Development LP, Adonit, Apple Inc., International Business Machines Corporation, Sonictech Inc., Wacom, Lenovo Group Limited, Honeywell International Inc., Microsoft Corporation, and WALTOP International Corp.
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