Smartphone photo printers market to grow at 7.1% by 2032
With the rise of smartphone usage, the market size of smartphone photo printers too is growing and it is projected to reach $37 billion globally by 2032 at 7.1% compound annual growth rate (CAGR), a market research firm has revealed
Wilmington (Delaware): With the rise of smartphone usage, the market size of smartphone photo printers too is growing and it is projected to reach $37 billion globally by 2032 at 7.1% compound annual growth rate (CAGR), a market research firm has revealed.
“The global smartphone photo printers market was valued at $18.8 billion in 2022, and is projected to reach $37 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032”, Allied Market Research said in a report.
The report is titled, "Smartphone Photo Printers Market Size, Share, Competitive Landscape and Trend Analysis Report by Application, by Product, by Distribution Channel, by Connectivity, by Ink Usage: Global Opportunity Analysis and Industry Forecast, 2023-2032."
Growth Factors and Limitations
The rising consumer demand for on-the-go, tangible photo printing solutions, growing popularity of social media platforms, and the increasing demand for mobile printers in warehouse operations are the factors expected to drive the growth of the global smartphone photo printers market in the forecast period from 2023 to 2032, Allied Market Research said.
“But, the high cost of ink cartridges and the rising dominance of digital photo sharing may hamper the market growth in the coming future”, the research firm said.
It however said that the advancements in cost-effective and efficient printing technologies and the growing demand for advanced tablets and smartphones are expected to offer remunerative opportunities for the expansion of the smartphone photo printers market during the forecast period.
Ink-based printers high in demand
The report further said that the demand for ink-based photo printers is high and is expected to witness further growth.
“The ink-based sub-segment accounted for the largest global smartphone photo printers market share of 62.3% in 2022 and is expected to hold major share by 2032”, the Allied Market Research said.
Causes boosting this growth, according to Allied Market Research, are innovations in inkjet technology that enables high-quality prints with vivid colors and intricate details, meeting the demands of consumers for superior print quality.
“Besides, ink-based printers offer versatility in photo paper compatibility, providing users with a broader range of options and enhancing their appeal. Further, the cost-effectiveness of ink-based printing makes these printers accessible to a wider consumer base, ensuring sustained market growth”, the market research firm said.
The research company further said that the compact sub-segment accounted for the largest market share of 50.1% in 2022 and is expected to hold its dominant position by 2032.
Connectivity and other factors
It also said the individual sub-segment accounted for the largest global smartphone photo printers market share of 56.2% in 2022 and is expected to witness significant growth during the forecast period.
According to the Allied Market Research, the offline sub-segment accounted for the largest market share of 60.2% and the Wi-Fi sub-segment accounted for the largest market share of 43.1% in 2022.
“The Wi-Fi sub-segment is set to grow at the highest CAGR of 8.3% during the forecast period”, the research firm said.
Region-wise, the research firm said that the smartphone photo printers market in the North America region accounted for the largest share of 40.6% in 2022 and is predicted to continue to hold major market share by 2032.
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