The global digital writing instruments market is anticipated to secure a market value of USD 2,288.5 Million by 2027 with a CAGR of 9.4% during 2017 to 2027.
| Attributes | Details |
|---|---|
| Estimated Market Value of Global Digital Writing Instruments Market by 2027 | USD 2,288.5 million |
| Estimated CAGR during 2017 to 2027 | 9.4% |
| Estimated Market Value of North America by 2027 | USD 859.6 million |
The growing inclination of youth towards advanced electronic devices to sketch and learn is expected to be a crucial factor that can augment the market during the forecast period. Further, the increasing exposure to e-learning is expected to boost the demand for such instruments, developing the industry.
Regionally, North America is projected to hold the forefront place in the global market, valuing more than USD 850 Million by the end of 2027. The regional market holds the potential to move at a CAGR of 10.2% during the forecasted period.
A digital stylus is generally smaller and much thinner than a digital pen, because it contains no internal electronics. A stylus is generally used to tap, write, and draw on touchscreen devices, with features including precision accuracy, pressure sensing, and palm rejection. Moreover, a digital stylus is a small metal or plastic device that looks like a tiny ink pen, but uses pressure on input screens such as tablets, smartphones, notebooks, and PDA (personal digital assistant) devices.
Majorly, a stylus is primarily used to input and manipulate information on a PDA device. Among these two, digital pens and pencils are ahead of digital stylus in terms of both market size and growth rate. Digital pencil and pens segment is expected to reach a market size of over USD 1,400 Million by the end of 2027, growing at a CAGR of 9.7% during the forecast period.
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The smartphones market is rising at a significant rate. Advanced smartphones are available with new and innovative features, which is expected to increase the demand for digital pens and pencils. Advanced electronic devices, including smartphones and tablets, are gradually gaining traction among young population who are using digital writing instruments for sketching, learning, scanning, etc., in smartphones and tablets. This trend is expected to have a positive effect on the growth of the digital writing instruments market.
There’s also a rise in the import of electronic goods, due to the rise in its demand. Companies are focusing on research and development of computing and electronic devices, with the objective to improve product life cycles and gain a competitive edge in the market.
But as the production cost of these products is not affordable for many companies, manufacturers and distributors are focusing on manufacturing and importing smartphones, tablets, laptops/notebooks, computer peripherals, and other electronic accessories from other regions, or assembling the components that are manufactured worldwide. Along with import of these products, the demand for digital writing instruments is expected to rise in the coming years.
As sellers are importing new and advanced digital products like writing instruments in order to meet rising demands, they are also expected to face restrictions like high import taxes. Due to high import taxes on consumer electronic devices such as digital pens, styli, e-Book readers, smartphones, tablets, notebooks, etc., the prices of these products rise and price conscious consumers find it difficult to purchase these products.
High price has always been a major concern for consumers and the factor is expected to adversely affect the growth of digital writing instruments market over the forecast period.
Weighted market segmentation is essential to garner key insights on each and every aspect. Below is a detailed market taxonomy covering various segments of the global digital writing instruments market.
The global digital writing instruments market is estimated to hold a market value of USD 2,288.5 Million by 2027.
Lenovo Group, Microsoft Corporation, and Moleskine Srl are some of the key players of the market.
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Digital Writing Instruments Market
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