The label printer market was valued at US$ 4,715.4 million in 2019 and is projected to reach US$ 7,494.4 million by 2027; it is expected to grow at a CAGR of 6.3% from 2020 to 2027.
A few key factors such as increasing demand for label printers from pharmaceuticals and medical device companies and emerging demand for FMCG products bolster the growth of the global label printer market. However, longer lifespan and higher maintenance cost of label printers may hinder the growth of the market in a few applications. Despite limitations, the growing awareness in developing countries is anticipated to drive the growth of the label printer market in the future.
With the constant rise in the demand for FMCG products, such as toiletries, skincare, homecare, and packaged food & beverages, the FMCG market players adopt label printers to authenticate their respective products. The modern-day market comprises supermarkets, hypermarkets, and convenience stores, which have their labels with pricing and barcodes. In order to print numerous labels for products, supermarkets, hypermarkets, and convenience stores procure label printers. Therefore, the demand for label printers in the FMCG product manufacturing increases owing to the growing number of supermarkets and hypermarkets in developed countries. These factors positively influence the growth of the label printer market.
The label printer market is segmented into type, technology, and end-user industry. Based on type, the market is further segmented into industrial, desktop, and mobile. The industrial segment represented the largest share of the overall market during 2019. Based on technology, the label printer market is subsegmented into thermal transfer, direct thermal, and non-thermal. In 2019, the non-thermal segment accounted for the largest share in the global label printer market. Further, based on end-user industry, the market is further categorized into manufacturing, retail, transportation & logistics, healthcare, FMCG, entertainment, and others. The manufacturing segment represented the largest share of the overall market during 2019.
COVID-19 is spreading at a rapid pace across the world, and in April 2020, China, the US, Italy, Spain, Germany, the UK, Iran, and France were among the worst affected countries in terms of reported deaths and confirmed cases. As COVID-19 pandemic has resulted in lockdowns, travel bans, supply chain discrepancies, and production process interruptions, the label printer market has witnessed a negative impact in 2020 and is likely to continue in 2021.
The overall label printer market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the label printer market with respect to all the segments. It also provides the overview and forecast for the global label printer market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the label printer market.
A few major players operating in the global label printer market are Toshiba Tec Corporation; Honeywell International Inc.; Postek Electronics Co., Ltd; Wasp Barcode Technologies; VIPColor Technologies Pte Ltd.; GoDEX International Co., Ltd.; Zebra Technologies Corp.; TSC Auto ID Technology Co., Ltd; sSato Holdings Corporation; and Seiko Epson Corporation.