MECHANICAL KEYBOARD MARKET ANALYSIS

Mechanical keyboards are the keyboards made of high-quality plastic key switches underneath each of the keycaps. A mechanical keyboard uses switches to send typing/keystroke signals. Such keyboards are expensive when compared to membrane-based keyboards, due to the fact that they comprise additional components. This type of keyboard offers a high degree of responsiveness and tactility. Based on types of switches, these can be categorized into linear, tactile, clicky, and tactile & clicky. Furthermore, membrane keyboards are inexpensive since there are comparatively fewer components. Various types of membrane keyboards include full-travel, scissor-switch, and flat panel.

The global mechanical keyboard market is estimated to be valued at US$  1,462.59  million in 2021 and is expected to exhibit a CAGR of 20.2% over the forecast period (2021-2028).

Recent Developments:

Key companies are focused on product launches, in order to enhance the market presence. For instance, in April 2020, Razer Inc. introduced Razer Huntsman Elite keyboard in U.S.

Major companies are involved in product launches, in order to gain a competitive edge in the market. For instance, in November 2017, Rapoo Corporation introduced Rapoo 8900P wireless mouse and keyboard combo.

North America held dominant position in the global mechanical keyboard market in 2020, accounting for 42.1% share in terms of volume, followed by Europe and Asia Pacific respectively.

Figure 1. Global Mechanical Keyboard Market Value (US$ Mn), by Region, 2020

Market Dynamics- Drivers

1. Rising popularity of PC games is expected to drive growth of the global mechanical keyboard market during the forecast period

Although PC consumption has reduced in the recent past, the PC gaming market is expected to witness significant growth in the near future. This, in turn, has increased the demand for gaming accessories such as mechanical keyboards in the market. According to Coherent Market Insights’ analysis, PC games are expected to grow 1.8x during the forecast period 2016-2020. Furthermore, by 2018, revenue generated from sales of PC gaming hardware is expected to reach over US$ 13 Bn. According to the same source, in 2014, the total number of PC gamers was over 700 million globally. Therefore, these factors are expected to drive growth of the global mechanical keyboard market during the forecast period.

2. Availability of enhanced features compared to membrane-based keyboards is expected to propel the global mechanical keyboard market growth during the forecast period

As compared to membrane-based keyboards, mechanical keyboards offer richer features sets, which is expected to boost growth of the market in the near future. These features include enhanced performance in terms of response time and tactility required for professionals and gamers, extended durability, i.e. it can support over 50 million strokes as compared to membrane-based stroke that can support 10 million strokes, and augmented user experience with respect to customizable options for key functions, LED backlights, and chassis. Hence, these factors are expected to propel the global mechanical keyboard market growth over the forecast period.

Market Opportunities

1. Integration of various devices and additional features, in order to enhance the functionality, can present lucrative growth opportunities in the global mechanical keyboard market

Many market players are introducing advanced features such as synchronization that allows keyboards to communicate efficiently with headsets and mouse. Furthermore, synchronization options with various mobile devices such as smartphones and tablets provide efficient use of devices. Other features such as Cooldown modes to allow countdown on switches since last press is making mechanical boards more and more popular. Furthermore, novel features such as built-in sensor or camera support for movement detection, built-in software support for voice recognition, and slim and quiet appearance can boost the demand for mechanical keyboards.

2. Research and development activities can provide major business opportunities in the global mechanical keyboard market

Major companies are focused on research and development activities, in order to introduce novel products. For instance, in July 2016, Trantek introduced its Raytheon K7 series of metal keycaps, which was previously using transparent keycaps. In July 2016, OMRON Corporation introduced new IO-link products that enable communication down to the sensor level.

Market Trends

1. In-house manufacturing of switches by keyboard manufacturers

Certain keyboard manufacturers focus on manufacturing their own keyboard switches in order to reduce their dependency on third-party switch manufacturers and reduce the cost of the overall product. Key manufacturers such as Roccat Studios and Razer Inc. initiated the production of a mechanical keyboard with their own proprietary switches.

2. Rising focus on expanding the functionality of individual keys

Certain keyboard manufacturers lay emphasis on enhancing key switch functionality such as increasing the number of keys in N-key rollover function and inclusion of anti-ghosting features, in order to improve gaming experience and functionalities for various professionals. For instance, in August 2014, Razer Inc. launched ‘Razer Blackwidow’, a mechanical keyboard with features such as 10 key rollover, anti-ghosting, and five additional dedicated macro keys having a lifespan of 60mn strokes.

Figure 2. Global Mechanical Keyboard Market Share, By Application, 2020

Key Takeaways of the Graph:

• The gaming held dominant position in the market and accounted for 53.3% share in the global mechanical keyboard market in 2020. The segment is expected to reach US$ 2,831.69 million in 2028. 
• This is owing to increased demand of mechanical keyboard in gaming applications.

Market Dynamics- Restraints

1. High price associated with mechanical keyboards is expected to hamper the global mechanical keyboard market growth during the forecast period

Mechanical keyboards are often marketed as premium products with enhanced features such as orientation, adjustability, and layouts, software, and pricing. Basic mechanical keyboards are priced between US$ 50 and US$ 90, while high-end mechanical gaming keyboards offering more advanced features and specifications such as wireless and Bluetooth connectivity, antimicrobial protection, and illuminated keys, carry a price tag exceeding US$ 200. Thus, these factors are expected to hamper the global mechanical keyboard market growth over the forecast period.

2. Declining PC sales worldwide are expected to hinder growth of the global mechanical keyboard market during the forecast period.

Desktop-based PC sales have dipped significantly in the recent past, due to rising demand for smartphones and tablets. According to Coherent Market Insights’ analysis, in 2014, the total shipment of desktop PC was valued at 130 million units. Furthermore, by 2020, total shipments of desktop PC are expected to reach over 120 million units. Therefore, such factors are expected to hinder growth of the global mechanical keyboard market during the forecast period.

Competitive Section

Key players operating in the global mechanical keyboard market are ZF Friedrichshafen AG – Cherry, Huizhou Greetech Electronics Co. Ltd. – Greetech, Kaihua Electronics Co., Ltd. – Kaihl, Trantek Electronics Co., Ltd. – TTC, OMRON Corporation, Corsair, Razer Inc., Rapoo Corporation, Lenovo, Dell HP Development Company, A4TECH, and SteelSeries.