At CAGR of 16.7% Tablet PC Market is projected to reach USD 325.15 billion by 2031 | Future Scope
Newly advanced and upgraded versions of models are expected to provide lucrative opportunities for market growth in the upcoming years.
PORTLAND, PORTLAND, OR, UNITED STATE, March 2, 2023 /EINPresswire.com/ — Rapid expansion of the corporate sector, increase in demand for hybrid devices, and rise in demand for tablet computers drive the growth of the global tablet PC market. However, commoditization by emerging companies along with battery issue & short life span of tablet PCs restrain the market growth. On the other hand, surge in digitization, technological advancements, and enhanced internet connectivity create new opportunities in the coming years.
According to the report, the global tablet PC industry generated $70.72 billion in 2021, and is estimated to reach $325.15 billion by 2031, witnessing a CAGR of 16.7% from 2022 to 2031.
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Based on distribution channel, the offline segment contributed to the highest market share in 2021, accounting for more than two-thirds of the global tablet PC industry, and is expected to maintain its dominant share during the forecast period. This is due to Offline an advantage of forming a personal relationship with customers, less product return rate, and touch & feel of the goods for customers.
However, the online segment is projected to manifest the fastest CAGR of 19.4% from 2022 to 2031, owing to shifting toward digitalization by businesses and increase in implementation of Industry 4.0 to cope with ongoing tough business competition by making products available on online shopping platforms.
Based on end user, the consumer segment accounted for the largest market share in 2021, holding around three-fifths of the global tablet PC market, and is estimated to continue its highest contribution throughout the forecast period. This is attributed to rise in adoption of tablet PCs for educational and entertainment purposes. However, the commercial segment is estimated to register the highest CAGR of 18.9% from 2022 to 2031, owing to surge in utilization to improve productivity, efficiency, and communication.
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Based on the operating system, the android segment accounted for the largest market share in 2021, contributing to nearly half of the global tablet PC market, and is projected to maintain its lead position during the forecast period. This is due to the rise in adoption of android-based devices, accessibility of this operating system in various brands, and surge in popularity for to its lower pricing, ease of availability, and high compatibility with a variety of devices. However, the iOS segment is estimated to witness the largest CAGR of 18.0% from 2022 to 2031, owing to the increased popularity of iPads for their highly preferred design. The report also analyzes the windows segment.
Based on region, Asia-Pacific held the largest market share in 2021, accounting for nearly one-third of the global tablet PC market, and is expected to maintain its leadership status by 2031. This is due to mass switching toward work-from-home (WFH) and remote working culture along with online education in this region. However, LAMEA is projected to register the fastest CAGR of 18.1% from 2022 to 2031, owing to the gradual adoption of tablet PC in several industries along with the rise in investments in development of tablets with enhanced features and improved devices in the region.
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Covid-19 Scenario:
• The Covid-19 pandemic led to increased adoption of tablet PCs with lockdowns and disruptions in business operations, education sectors, and other industries. With the implementation of work-from-home culture, online learning and classes by schools and universities, the sales volume of tablet PCs increased as it offered convenience and digitization benefits.
• However, production activities of tablet PCs are hindered due to partial or complete closure of manufacturing facilities, shortage of raw materials, ban on import-export activities, and lack of availability of workforce. This led manufacturers to strategize their supply chain, re-evaluate production processes, and devise multiple new and agile approaches for monitoring product quality.
• Physical stores were temporarily closed during the lockdown. This impacted the sales volume and overall revenue of the market. Online deliveries were conducted and people preferred buying these tablet PCs through online platforms. Post-lockdown, offline distribution channels were open and they are expected to gain momentum steadily.
Leading Market Players:
• Acer Inc.
• Apple Inc.
• Hewlett-Packard Company
• Huawei Technologies
• Lenovo Group
• LG Electronics Inc.
• Microsoft Corporation
• Nokia Corporation
• Samsung Electronics Co. Ltd.
• Toshiba Corp.
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