Global Tablet Market Estimated to Witness High Growth Owing to Increasing Digitalization and Growing E-commerce
The Global Tablet Market is estimated to be valued at USD 55.36 Bn in 2024 and exhibit a CAGR of 3.7% over the forecast period 2024 - 2031. The tablet market has witnessed significant growth over the past few years owing to rising digitization and increasing usage of tablets for various applications such as gaming, media consumption, e-learning and more. Furthermore, growing e-commerce industry and online shopping has further propelled the demand for tablets.
Market Dynamics:
The global tablet market growth is driven by the factors of increasing digitalization and growing e-commerce industry. The rapid digital transformation across industries has increased the adoption of smart devices like tablets for various applications. Tablets offer ease of use and portability which makes them appropriate for tasks on the move. Furthermore, the growth of e-commerce industry has led to rising online shopping activities from tablets and mobile devices. Tablets provide easy browsing and ordering functionality which has boosted its adoption among customers. This has contributed to the increasing sales of tablets. However, high initial investment associated with tablets limits its adoption among cost-sensitive customers. Ongoing technological advancements to produce cheaper tablets may help overcome this challenge.
Growing demand for portable consumer electronics
One of the major drivers of the global tablet market is the growing demand for portable consumer electronics. Tablets offer consumers a highly portable way to access the internet, stream media, play games and stay connected on social media from anywhere. The convenience and portability of tablets has made them very popular replacements for laptops for basic tasks. As people increasingly rely on mobile devices in their daily lives, the demand for tablets continues to grow steadily each year. Tablet makers are able to capitalize on this trend by launching new and improved models with features like longer battery life and support for mobile connectivity.
Advancing technology and specifications
Another key driver is the advancement of tablet technology and specifications with each new generation. Manufacturers are continuously improving various aspects of tablets like processor speed, display resolution, RAM/storage capacity, battery life and camera quality. The newest tablets now offer near smartphone-level specifications at affordable prices. Features like touchscreen interfaces, front and rear cameras and longer battery life enhance the user experience. The latest models also support the latest connectivity standards like 4G LTE and WiFi 6. As technology improves tablets, consumers are motivated to upgrade to newer models for better performance and new capabilities. This planned obsolescence keeps driving market growth.
Economic uncertainty affecting consumer spending
One major restraint on the tablet market is economic uncertainty that affects consumer spending power globally. During economic downturns or recessions, consumers tend to hold off on discretionary purchases of electronic devices and focus spending on essentials. As global economic conditions weakened during the pandemic, tablet sales saw a decline. If unemployment increases or incomes stagnate in a market, consumers may delay upgrades and replacement purchases of tablets. Periods of economic uncertainty make the market contracting until conditions improve again.
Rising number of low-cost laptop alternatives
Another restraint is the rise of cheaper and compact laptop alternatives that can perform similar functions to tablets at lower price points. Devices like Chromebooks offer laptop functionality at tablet-like price points, directly competing with tablets in education and budget markets. As Chromebooks and low-cost laptops become more feature-rich, consumers may opt for them instead of tablets for productivity tasks if the value proposition is better. This could hamper future growth potential of the tablet segment in markets where laptop prices continue to decline.
Growth opportunities in developing economies
One major opportunity for tablet market growth comes from developing economies in Asia, Africa, South America and Eastern Europe. As internet and digital technology penetration increases in these regions, coupled with rising disposable incomes, demand for affordable tablets will grow rapidly. Tablet makers can capitalize on these growth markets by launching more inexpensive models tailored for education, mobile commerce and content consumption. Emerging economies present a huge greenfield opportunity for long term market expansion.
Education segment adopting tablets
Another growth opportunity lies in increased adoption of tablets in the education segment across both developing and developed markets. Tablets offer an affordable digital learning solution for students and schools on a large scale. Many education boards are piloting or implementing one-device-per-child programs and digital textbooks. Vendors can tap this growth by developing tablets and content optimized specifically for K-12 education needs. Tablets present an inexpensive alternative to traditional textbooks and notebooks in the education segment globally.
Link - https://www.coherentmarketinsights.com/market-insight/tablet-market-1741
Key Developments:
- In October 2022, Xiaomi, a prominent Chinese electronics company renowned for its cutting-edge smartphones and consumer products, was anticipated to unveil the Xiaomi Mi Pad 5 Pro 12.4. This new tablet is poised to bolster Xiaomi's product portfolio with cutting-edge features and a larger screen, addressing the increasing demand for powerful tablets.
- In October 2022, Vivo, a leading Chinese technology company recognized for its smartphones and consumer electronics, was expected to launch the Vivo Pad, its inaugural tablet. This device is anticipated to enhance Vivo's product range and meet the increasing market demand for tablets.
- In September 2022, Samsung Electronics Co., Ltd., a leading global technology company, introduced the Samsung Galaxy Tab A 10.5, a new tablet designed for entertainment. The Galaxy Tab A 10.5 boasts a spacious 10.5-inch display, offering an immersive viewing experience for streaming content, web browsing, and more. With its sleek design and robust performance, the Galaxy Tab A 10.5 provides a versatile tablet experience for users.
- In September 2022, Lenovo, a global technology company recognized for its innovative laptops and tablets, launched the Tab M7 (3rd Gen), a compact 7-inch tablet featuring a metal unibody design in Iron Grey. The Tab M7 is equipped with a 7-inch IPS LCD display, 2GB of RAM, and 32GB of internal storage, offering a blend of portability and functionality for users on the move.
Key Player:
Apple Inc., Acer Inc., Amazon.com, Inc., Asustek Computer Inc., Dell Inc., HP Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, LG Electronics Inc., Microsoft Corporation, Panasonic Corporation, Samsung Electronics Co., Ltd., Sony Corporation, Toshiba Corporation, and Xiaomi Corporation
