Mechanical keyboards are used widely in industries such as BFSI, media and entertainment, gaming and by individuals for personal use due to their tactile feedback and longevity. Mechanical keyboards have physical switches under each key that provide tactile feedback when the key is pressed as compared to regular keyboards which use membranes or guts. These keyboards are customizable as users can replace individual keys or switches for personal preference of tactile feel and audio feedback. Most mechanical keyboards are designed for increased durability with switches rated for 50 million keystrokes to withstand heavy usage over years.
The global Mechanical Keyboard Market is estimated to be valued at US$ 2434.37 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the market is the increasing popularity of compact mechanical keyboards. While full-sized mechanical keyboards offer the complete experience, there is a demand for smaller yet comparable keyboards from remote workers, designers and coders who need the ergonomics and tactile typing experience in a more compact form factor to fit their workstations and desks. This has resulted in rising popularity of 60%, 65% and 75% compact mechanical keyboards which offer the feel of mechanical switches in a smaller keyboard without the extra desk space requirement. Another noteworthy trend is the mass customization and customization capabilities offered by mechanical keyboard manufacturers. Users can select or upgrade individual switches, keycaps, cable types, switch types, case materials and other components to personalize keyboards as per their exact specifications which is driving the adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the mechanical keyboard market is moderate as the market requires high initial investment and brand loyalty makes it difficult for the new players to gain foothold.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various products from different brands at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of suppliers across the globe.
Threat of new substitutes: The threat of new substitutes is low as keyboard does not have any close substitutes.
Competitive rivalry: The competitive rivalry in the market is high owing to presence of multiple established players competing on the basis of pricing, innovation and quality.
Key Takeaways
The global mechanical keyboard market is expected to witness high growth owing to growing adoption among gamers and increase in e-sports activities globally. Global Mechanical Keyboard Market Demand is estimated to be valued at US$ 2434.37 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Regionally, Asia Pacific dominates the market and is expected to continue its dominance over the forecast period owing to large consumer base in countries like China and India. The mechanical keyboard market in North America is also expected to grow significantly driven by high consumer spending on gaming peripherals in countries like US and Canada. Furthermore, increasing number of locally hosted gaming tournaments are augmenting the demand.
Key players operating in the mechanical keyboard market include General Electric Company, SKF Group, Siemens Gamesa Renewable Energy, Inc., Vestas Wind Systems A/S, and 3M Company. Key players are focusing on new product launches and partnerships to strengthen their presence and gain competitive advantage. For instance, in 2022, Logitech G partnered with Tecware to introduce a new lineup of mechanical keyboards at affordable prices in Asia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
