Keycaps Global Market Report 2024

Keycaps are detachable components designed to cover the keys on computer keyboards, typewriters, or mechanical keyboards, serving the dual role of identifying key functions or characters and providing protection.

The primary types of keycaps include mahogany, resin, metal, and others. Mahogany is a hardwood derived from various species of tropical trees in the genus Swietenia and related genera. Different cover materials are involved, such as ABS material, POM material, and PBT material, with applications spanning individual and family use to enterprise use.

The keycaps market research report is one of a series of new reports from The Business Research Company that provides keycaps market statistics, including keycaps industry global market size, regional shares, competitors with keycaps market share, detailed keycaps market segments, market trends, and opportunities, and any further data you may need to thrive in the keycaps industry. This keycaps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The keycaps market size has grown strongly in recent years. It will grow from $7.86 billion in 2023 to $8.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed in the historical period can be attributed to the adoption of mechanical keyboards, the surge in customization trends, growth in the gaming industry, an increase in DIY (Do It Yourself) keyboard building, and heightened focus on typing comfort.

The keycaps market size is expected to see strong growth in the next few years. It will grow to $10.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period can be attributed to the sustained popularity of mechanical keyboards, the increase in remote work culture, the expansion of niche markets, a focus on environmental sustainability, and the emphasis on global supply chain resilience. Key trends expected in the forecast period include heightened collaboration and licensing, rapid technological advancements, innovation in materials, expanded compatibility and layout options, as well as a growing trend towards customization and personalization.

The anticipated surge in the gamer population is expected to drive the expansion of the keycaps market in the foreseeable future. Gamers, defined as individuals actively participating in video games for entertainment, leisure, or competition, are a crucial demographic for this market. Keycaps play a pivotal role in gaming by facilitating smooth and comfortable keyboard operation, reducing the need for gamers to lift their fingers excessively when pressing keys. A notable example is the data from July 2022, as reported by the World Economic Forum, indicating that the PC gaming industry generated around $35.2 billion in revenue, reflecting a growth from the $33.7 billion earned in 2021. Consequently, the increasing number of gamers is a significant catalyst propelling the future growth of the keycaps market.

The burgeoning need for portable computer configurations is poised to drive the expansion of the keycaps market in the foreseeable future. Portable computers, characterized by their compact and lightweight design, cater to the demand for convenient personal computing in various settings. Keycaps play a vital role in enhancing user experience and aesthetics within portable computer setups, enabling individuals to personalize their keyboards. This customization fosters a sense of individuality, ergonomic comfort, and visual appeal in the domain of portable computing. Notably, data from January 2022, sourced from the International Data Corporation (IDC), a US-based information technology company, reveals a notable uptick in portable computer shipments, registering a 15% increase and reaching 348.8 million in 2021. Consequently, the escalating demand for portable computer setups stands as a driving force behind the growth of the keycaps market.

The escalation in raw material prices is anticipated to act as a constraint on the growth of the keycaps market. The upward trend in raw material costs, particularly polybutylene terephthalate (PBT), a commonly used material in keycap production, may result in increased production expenses. This rise in costs has the potential to impact the affordability and accessibility of keycaps, thereby posing a challenge to market expansion. For example, data from November 2023, based on the polybutylene terephthalate (PBT) price index provided by BusinessAnalytiq, a US-based information services company, indicates that the price of PBT in North America reached US$2.66/KG, reflecting a 6.8% increase from the previous month. Consequently, the surge in raw material prices is impeding the growth of the keycaps market.

Prominent companies in the keycap market are strategically concentrating on product development and innovation, exemplified by the introduction of the blue limited edition keycap, to enhance their profitability in the market. The blue limited edition keycap incorporates next-generation color 3D printing technology, offering an advanced level of customization. As an illustration, in July 2023, HyperX, a US-based gaming product manufacturer, unveiled the HyperX liquid blue limited edition keycap. This cutting-edge liquid-blue limited edition keycap transforms the aesthetics of keyboards, providing an additional layer of personalization. Such innovative keycaps contribute to elevating gaming setups and desk aesthetics by incorporating advanced color printing capabilities into gaming experiences. Positioned as the fourth keycap in HyperX's HX3D 3D printed lineup, it was released as a limited edition item available for 48 hours.

In July 2023, Corsair Components Inc., a US-based manufacturer specializing in high-performance PC and gaming components, successfully acquired Drop for an undisclosed amount. This acquisition represents Corsair Components Inc.'s strategic move to expand its product portfolio and meet the growing demand for customized keycaps among consumers. Both companies aim to leverage this collaboration to extend their global presence and offer a broader range of customizable products in the gaming peripheral sector. Drop, a US-based manufacturer renowned for keycaps and mechanical keyboards, brings its expertise to contribute to the combined success of the two entities.

Major companies operating in the keycaps market report are Logitech S.A , Etsy Inc., Razer Inc., Corsair Gaming Inc., WASD Keyboards, Cherry Corporation, SteelSeries ApS, Hammer Corp , Georg Mahr Konstruktion, Filco Keycaps, HyperX, Unicomp Inc., A4Tech Co. Ltd., Keychron, Shenzhen Hexianguanli Technology Co. Ltd., Max Keyboard Inc., Shenzhen Mistel Electronic Co. Ltd., Shenzhen KBDfans Technology Co. Ltd., DuckyChannel International Co. Ltd., Signature Plastics LLC, JTK Group, Infinikey, NovelKeys LLC, Signature Plastics LLC, Tai-Hao Keycap Enterprise Co. Ltd., Happy Balls Keycaps, RWH PTY LTD

Asia-Pacific was the largest region in the keycaps market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the keycaps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the keycap market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The keycap market consists of sales of cherry keycap, OEM keycap, and XDA keycap. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Keycaps Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on keycaps market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for keycaps ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The keycaps market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Mahogany; Resin; Metal; Others
• 2) By Cover Type: ABS Material; POM Material; PBT Material
• 3) By Application: Individuals And Families Use; Enterprise Use
• Companies Mentioned: Logitech S.A ; Etsy Inc.; Razer Inc.; Corsair Gaming Inc.; WASD Keyboards
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.