The mechanical keyboard market is estimated to be valued at USD 2.1 Bn in 2024, growing at a CAGR of 15% over the forecast period (2024-2031). Furthermore, the growing popularity of eSports and professional gaming tournaments is driving the demand for mechanical keyboards.
Market Dynamics:
The mechanical keyboard market is witnessing high growth owing to the growing popularity of gaming and increase in disposable income. Firstly, the gaming industry has seen significant rise in last few years with a increasing number of professional gaming tournaments like ESL, DOTA 2 championships, etc. As mechanical keyboards offer better tactile feedback and response time, they are highly preferred among competitive and professional gamers. This has accelerated their demand. Secondly, with rising disposable income, consumers are willing to spend more on computer peripherals and accessories. Mechanical keyboards are perceived as premium products compared to regular keyboards due to their durable key switches. Therefore, high price points of mechanical keyboards have not impacted their sales much.
Mechanical Keyboard Market Drivers:
Increasing Demand from Gamers is Driving the Growth of the Mechanical Keyboard Market
One of the major drivers for the mechanical keyboard market is the increasing demand from gamers. Mechanical keyboards are preferred by gamers as they provide faster response times and tactile feedback compared to regular keyboards. The individual mechanical key switches in these keyboards ensure quick actuation without any lag which gives gamers an edge during intense gaming sessions. Moreover, mechanical keyboards have customizable key sensitivity options which allow gamers to precisely program individual keys for functions like jump, shoot, etc. This customizable and responsive experience is fueling the adoption of mechanical keyboards among amateur as well as professional gamers. Keyboard companies are also launching gaming-specific mechanical keyboards with Red Green Blue (RGB) backlighting and other features to further tap into this lucrative gaming demographic.
Growing Popularity of Computer Programming is Boosting Keyboard Upgrades
Another key driver for the mechanical keyboard market is the rising popularity of computer programming as a profession. Programmers and developers prefer mechanical keyboards for long coding sessions as they reduce typing fatigue compared to regular keyboards. The tactile feedback from mechanical switches helps programmers identify errors easily. Moreover, mechanical switches have longer lifecycles than regular membrane keyboards suitable for the high usage patterns of programmers. To capitalize on this trend, mechanical keyboard manufacturers are launching keyboards targeted at developers with programmable keys, USB passthrough ports, and multimedia controls. This has increased replacement sales and upgrades to mechanical keyboards among programmers and software professionals.
Mechanical Keyboard Market Restraints:
High Production Costs Hamper Wide Adoption
One of the major restraints affecting the mechanical keyboard market is its higher production costs compared to regular keyboards. Mechanical keyboards employ individual key switches under each key which have to be assembled manually increasing labor costs. Regular keyboards use simple rubber dome membrane that is cheap to manufacture. Moreover, mechanical key switches require metal contact plates and springs inside which further drive up material costs. This price disparity makes mechanical keyboards more expensive than regular keyboards limiting its adoption among mainstream users. To overcome this, some manufacturers are streamlining switch assembly and sourcing components from different regions to reduce total production costs. However, high dependency on manual labor continues to put pressure on margins.
Expensive Replacement Parts Discourage Repairs
Another challenge for the mechanical keyboard market is the expense involved in replacing or fixing damaged components. Unlike regular keyboards where the entire rubber dome sheet can be replaced, mechanical keyboards require individual switches, stabilizers or even PCBs to be replaced in case of any faults. Sourcing these specialized replacement parts increases service costs discouraging users from repairing slightly malfunctioning keyboards. Some manufacturers are addressing this issue by designing modular components that can easily be detached and replaced. However, the niche aftermarket for individualized replacement parts continues to be small scale lacking economy. Unless standardization in components is achieved, expensive repairs will hinder the growth of the mechanical keyboard market.
Mechanical Keyboard Market Opportunities:
Customization Trend Opening New Growth Opportunities
The growing trend of custom mechanical keyboards among enthusiasts presents a major market opportunity. Users are increasingly designing and assembling their own keyboards by sourcing components like unique keycaps, customized printed circuit boards, and novel switch variants. This has led to the rise of small keyboard kit makers and Do It Yourself (DIY) accessory manufacturers entering the scene. Leveraging 3D printing and Computer Numeric Controlled (CNC) machining technology, these brands are offering programmable macro pads, ergonomic keyboard layouts as well as open source customization options to attract hobbyists. This emerging custom mechanical keyboard space presents new monetization avenues through one-off component sales and small production runs catering to niche interest groups and fountain pen collectors.
Growing Work from Home Culture Fueling Peripheral Upgrade
Another potential growth area for the mechanical keyboard market is the rise in remote and hybrid working models during the COVID-19 pandemic. With more people operating from home offices on a long-term basis, there is an increased demand for high-performance input devices that can enhance productivity. Unlike regular laptop/notebook keyboards, mechanical keyboards provide a more comfortable desktop-like experience for lengthy work sessions. Their customizable switches and tactile feedback also help minimize typing errors. To capitalize on this opportunity, manufacturers are releasing more compact mechanical keyboards optimized for home offices and open space workstations. Some brands are also trialing attractive financing options to make these productivity-enhancing peripherals more affordable for work-from-home professionals.
Link: https://www.coherentmarketinsights.com/market-insight/mechanical-keyboard-market-1888
Key Developments:
- In July 2023, Roccat Studios Inc. is a company specializing in the development and manufacturing of gaming peripherals and accessories. exposed the latest additions to its renowned gaming keyboard lineup with the launch of the Vulcan II Mini Air and Vulcan II. The Vulcan II Mini Air marks Roccat is a company that specializes in creating gaming peripherals and accessories tailored for gamers. inaugural foray into wireless keyboards, featuring proximity sensors for enhanced functionality and impressive battery life. Concurrently, the Vulcan II introduced Roccat's Titan II Mechanical Switches, representing a noteworthy advancement in the brand's keyboard technology.
- In May 2023, Logitech is a multinational technology company known for designing and manufacturing computer peripherals and accessories. introduced the MX Keyboard combo, escorted by cutting-edge software designed to elevate productivity and streamline workflows. This product launch includes the MX Keys S Combo, MX Keys S, and MX Anywhere 3S, all part of the Master Series tailored for advanced users, including software developers and creative professionals. Logitech's innovative addition to the Master Series is complemented by the introduction of Logi Options, a feature aimed at optimizing productivity in the workplace.
Key Market Players:
Roccat Studios Inc., Omron Corporation, Logitech international, Corsair Components Inc., Rapoo Corporation, Steel Series ApS., Razer Inc., Rantek Electronics Co. Ltd., Cherry, Das Keyboard, Keyed Up Labs, Ducky Legend, CODE Mechanical Keyboard, A4Tech Co. Ltd., Lenovo, Dell, HP Development Company, LP, iOne Electronic, and Newmen.
