According to a new report published by Allied Market Research, titled, “Stylus Pen Market By Type, Platform Type, Screen Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027”, the global stylus pen market size was valued at $0.83 billion in 2019, and is projected to reach $1.22 billion by 2027, growing at a CAGR of 5.5% from 2020 to 2027. The Asia-Pacific region is expected to be the leading contributor to the global stylus pen market during the forecast period, followed by Europe and North America.
A stylus is a pen-like electronic gadget use to swipe, point, draw, & sign on interactive touchscreens & electronic devices. It is generally used with a smartphone, tablet, or any device with a touchscreen, on many gadgets finger is also used for similar operation but stylus offers a smooth clicking & swiping experience for use on your tablet, smartphone, or touchscreen device. Use of apple pen, and surface pen are in the latest trend due to its certain features such as pixel‑perfect precision, tilt and pressure sensitivity, build quality and support for palm rejection. Apple pen and surface pen provided by Apple inc. And Microsoft Corp. respectively, these are one of the most premium products available in the market.
The global stylus pen market is anticipated to witness significant growth during the forecast period. Factors such as rise in digitalization across the globe, high accuracy, better control, as compared to other alternatives such as mouse & trackpad drive the growth of the stylus pen market. However, constant technological development is a major restraint to global stylus pen industry. In addition, rise in shift of government & education sector toward digitalization is expected to create opportunities for the industry.
Moreover, developing nations tend to witness high penetration of stylus pen products specially in the education segments. Factors such as rise in online education sector, e-services worldwide owing to COVID-19 pandemic contribute toward the stylus pen market growth in the coming years.
The global stylus pen market is segmented into type, platform type, screen type, application, and region. By type, the market is segmented into active and passive. The platform type segment is divided into chrome OS, iOS, windows, and android. By screen type, the market is fragmented into conductive, and resistive. Depending on application, the market is segregated into smartphones, tablets, laptops, and others.
Region wise, the stylus pen market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2019. However, between 2019 and 2027, the stylus pen market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, and South Korea.
COVID-19 Impact Analysis
The arrival of COVID-19 has significantly affected the electronic and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers. The overall production process in the electronics and semiconductor industry being badly affected, but at the same time owing to increase in digitalization across various sectors such as education, government, and businesses, boost the overall market globally.
Key Findings of the Study
- The other segment is projected to be the major application during the forecast period followed by laptops. The rise in online education industry is anticipated to drive the market growth in the future.
- The Europe and North America collectively accounted for more than 60% of the stylus pen market share in 2019.
- Japan is anticipated to witness highest growth rate during the forecast period.
- U.S. was the major shareholder in the North America stylus pen market analysis, accounting for approximately 74% share in 2019.
The key players profiled in the report include Adonit, Apple Inc., Hewlett Packard Enterprise Development LP, Honeywell International Inc., International Business Machines Corporation, Lenovo Group Limited, Microsoft corporation, Sonictech Inc., Wacom, and WALTOP International Corp. These players have adopted various strategies such as product launch, acquisition, and expansion to expand their foothold in the industry.