The global barcode printer market is projected to have a moderate-paced CAGR of 7.4% during the forecast period. The current valuation of the market is US$ 4,188.60 Million in 2022. The market value of the barcode printer market is anticipated to reach a high of US$ 8,552.87 Million by the year 2032. A historical CAGR of 5.6% has been recorded by the experts of Future Market Insights for the concerned market.
After the 2008 economic downturn, the manufacturing sector is reviving. A large number of manufacturing companies around the world are implementing automation and process streamlining to reduce time and material waste, thereby improving efficiency and output. Barcoding is one such technique that is becoming more popular. This process has significantly reduced production time in the manufacturing process, driving demand for barcode printers.
Barcodes have become the de facto standard for storing and labeling product information. Retailers all over the world use barcodes to simplify the recording and sale of supplies and commodities. Barcodes imprinted on labels adhere to products and record information such as product count, date of manufacture, date supplied to the retailer, selling price, and so on.
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The information is retrieved and monitored when these products are scanned. This entire process, which takes only a few seconds, not only increases efficiency but also reduces errors. This has aided retailers in keeping track of their products and inventory on store floors and in warehouses.
However, the threat of RFID tags as barcode label substitutes and the low compatibility of barcode printers with various operating systems act as restraints in the global barcode printer market.
The market is classified into six segments: printer type, printing technology, consumables, application, distribution channel, and region. Desktop Barcode Printer, Industrial Barcode Printer, Mobile Barcode Printer, and Others are the printer types in the barcode printers market.
Based on printing technology, the market has been divided into Thermal Transfer, Direct Thermal, Dot Matrix, Laser, and Ink-Jet. Based on Distribution Channel, the market is segmented as Direct-to-End User, Direct-to-OEM, Dealer/Distributor, and Systems Integrator. Based on application, the market has been divided into industrial/manufacturing, transportation/logistics, retail, healthcare, government, and commercial services.
- The Industrial Barcode Printer segment holds the highest market share of 46.1% closely followed by the Desktop Barcode Printer in the Barcode Printers Market. The Industrial Barcode Printer segment is also expected to dominate in the forecast period with a CAGR of 8.3% due to a preference for sturdy and rugged barcode printers with higher productivity.
- The thermal Transfer segment holds the highest market share amongst all with 62.8% and is expected to improve further in the forecast period owing to very less cost involved, while Dot Matrix, Laser, and Ink Jet printing technologies are the least preferred technologies and are on the verge of being phased out.
- Dealer/Distributor is the most preferred supply channel and is expected to dominate in the future due to higher distribution efficiency, low supply costs, and faster delivery times.
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North America and Western Europe are the most promising regions for the growth of the market owing to a higher preference for barcoding technology in different applications, while the market in the Latin America region is on a slow and stagnant growth due to low adoption of barcoding technology. The growth of the Barcode Printers market in the APEJ region may also grow at a slower pace due to saturation and the slow down of the manufacturing sector in China.
Major players identified in the Barcode Printers market are Zebra Technologies Corporation, Avery Dennison Corporation, Oki Electric Industry Co., Ltd., Toshiba TEC Corporation, and Honeywell International, Inc. committing a combined market share of over 50%. Other major players are SATO Holdings Corporation, Printronix, Inc., and TSC Auto Id Technology Co., Ltd. supplying to various end-use industries and sectors.