Laptop Market Size to Grow by USD 22.22 billion from 2024 to 2028, North America to occupy 42% market share, Technavio

NEW YORK, March 18, 2024 /PRNewswire/ -- The Laptop Market size is estimated to grow by USD 22.22 billion at a CAGR of 3.2% between 2023 and 2028. North America is poised to contribute 42% to the global market growth, fueled by key factors like the presence of major vendors and the booming gaming industry. Leading players such as Apple Inc., Dell Technologies Inc., HP Inc., and Microsoft Corp. benefit from robust distribution channels for laptops in the region. Additionally, the high popularity of video games among millions of adults in the US presents growth opportunities, especially in gaming laptops. These dynamics are driving the laptop market's expansion in North America during the forecast period.

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The increasing application of laptops in educational institutions is driving market growth: 

Rising laptop adoption in education is a key market driver. Schools and universities are integrating laptops for their affordability, wireless connectivity, and versatility, aiding tasks like note-taking and collaborative learning. Additionally, the popularity of online courses on platforms like Coursera and Udemy further fuels laptop demand. These trends are expected to drive market growth in the forecast period.

• Growing demand for gaming laptops, fueled by the popularity of video games and online multiplayer gaming, is a major market trend. These laptops offer powerful computing capabilities, portability, and advanced features that appeal to gamers, driving their adoption. As internet access expands and gaming becomes more mainstream, the market for gaming laptops is poised for continued growth and innovation.
• Increasing smartphone and tablet capabilities pose a challenge to the market. Companies are launching affordable mobile computing devices, impacting traditional laptop sales. This trend, prominent in regions like India and China, impedes market growth. Declining traditional laptop sales due to high prices also contribute to the market's challenges.

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Key Companies
Vendor Landscape - The global laptop market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer laptop in the market are Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Dell Technologies Inc., HP Inc., Huawei Technologies Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Micro Star International Co. Ltd., Microsoft Corp., Razer Inc., Samsung Electronics Co. Ltd., Sony Group Corp., and Toshiba Corp. and others.

• Acer Inc: The company offers laptops such as Predator Helios 300, Nitro 5, Aspire 7, and Aspire 5.
• Alphabet Inc: The company offers laptops such as ChromeOS which is the speedy, simple, and secure operating system that powers every Chromebook.
• Apple Inc: The company offers laptops such as MacBook Pro 13, MacBook Pro 14, and MacBook Pro 16.

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Segment Overview
Technavio has segmented the market based on type, End-user (Business, Personal, and Gaming), Type (Traditional laptop and 2-in-1 laptop), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The business segment is poised for significant growth in the forecast period. Laptops provide mobility and flexibility, crucial for remote work and travel. They optimize productivity, ensuring data security and privacy. This segment, valued at USD 57.92 billion in 2018, benefits businesses engaged in tasks like web marketing and data storage. Laptops streamline administrative tasks such as bill payments, record-keeping, and customer communication. These factors propel segment growth and drive overall market expansion.
• The traditional laptop segment is poised for growth due to its robust processing power and battery life, driven by widespread adoption and the rising popularity of gaming laptops. Offering portability and compact size, traditional laptops outperform 2-in-1 models with larger screens, powerful processors, and ample storage space. These factors fuel segment growth and overall market expansion in the forecast period.

Geography Overview
By geography, the global laptop market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global laptop market.

• North America contributes 42% to the global market growth forecast. Analysts detail regional trends, attributing growth to key vendor presence, gaming industry expansion, and 5G adoption. Major players like Apple, Dell, HP, and Microsoft are headquartered here, accessing vast distribution channels. The region's high video gaming activity, with millions engaged in 2020, presents growth opportunities for gaming laptops. These factors collectively propel North America's laptop market growth.

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Analyst Review:

The Laptop Market is witnessing significant growth propelled by rising disposable incomes and growing internet connectivity, particularly in developing countries. Consumers are increasingly opting for advanced laptops that offer improved system performance, sleek designs, and an optimal price-performance ratio. This trend is driving demand for laptops equipped with high-speed graphic cards and ultra-thin body designs, catering to the needs of both personal and professional users.

The proliferation of internet users and the expansion of e-commerce and digital payment platforms are further fueling the adoption of laptops, especially affordable Android models. Original equipment manufacturers (OEMs) are leveraging digital transformation initiatives to penetrate new markets, including the education sector, where laptops are facilitating personalized learning and supporting the bring-your-own-device (BYOD) trend.

The laptop market is characterized by intense competition, with manufacturers focusing on innovation to differentiate their offerings. The emergence of 11th generation Intel Core processors and solid-state drives (SSDs) is revolutionizing the traditional laptop segment, while the gaming industry is driving demand for high-performance gaming laptops with features such as high-refresh-rate displays and efficient cooling solutions. As work-from-home models and BYOD trends persist, laptops continue to play a crucial role in enabling mobility, computing power, and multitasking capabilities for professionals and gamers alike.

Market Overview:

The laptop market experiences robust growth driven by rising disposable incomes and expanding internet connectivity worldwide. Advanced laptops with improved system performance, sleek designs, and a favorable price-performance ratio are in demand. Developing countries witness increased adoption, especially in the education sector with BYOD trends and personalized learning. Gaming laptops with high-speed graphic cards cater to professional eSports gamers and mid-range consumers. The market sees a surge in ultra-thin designs, powered by 11th Generation Intel Core Processors and solid-state drives. Collaboration among OEMs strengthens the supply chain network, while eCommerce platforms drive online sales. Government initiatives and gaming culture further propel market growth, fostering competition and innovation.

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