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The large format printer market is projected to grow from USD 8.4 billion in 2017 to USD 10.6 billion by 2023, at a CAGR of 4.0% from 2017 to 2023.
Why the use of large format printers in home furnishing & decorating as well as vehicle wrapping applications acts as an opportunity for the market?
Large format printers play a vital role in the decor market. The major benefits offered by these printers include their ability to produce higher quality images and graphical presentations as compared to standard printers. These printers offer the optimum document size and high image clarity required for efficient printing on end mediums, which are used for home furnishing & decorating as well as vehicle wrapping applications. Large format printers assist architects in printing designs quickly and accurately. For instance, when a contractor wants to deliver a floor plan or an interior designer wants to show a room design concept, these printers produce large format documents with images, colors, and graphics. Vehicles wraps are an excellent and cost-effective medium for mobile advertising as they can reach thousands of travelers on a regular basis. These wraps are becoming popular advertising mediums and use large format printers for printing them. Large format printers also print decorative wraps for walls of homes, studios, etc. Therefore, the growing demand for vehicle wraps from the decor industry is expected to fuel the requirement of large format printers worldwide.
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Why high initial investments and operating costs act as challenges for the market?
Large format printers require high initial investments for their installation and maintenance. This acts as a challenge for the growth of the market. Large format printing also requires printing materials in large quantities. Moreover, the annual electricity consumption of these printers is also high. The design complexity of large format printers and high costs of inks are some of the major factors responsible for their high operational costs. Though the top tier manufacturers are offering printers at low prices, a few factors such as high operational costs of these printers are yet to be mitigated. The advertising sector, a major end user of large format printers, is currently shifting its focus toward the use of super-wide format printers, which have high associated costs. Thus, the high initial investments act as a challenge for the growth of the market.
Growing popularity of digital advertising media
The increasing popularity of digital media in the form of digital signage, advertisements, etc., is expected to reduce the demand for printed directories, advertisements, etc. Digital signage, billboards, etc., are increasingly being used for outdoor and indoor advertisements. Digital signage is a part of out-of-home advertising and can be of different types. It can be in the form of backlit displays showing advertisements.
Digital signage is used for a wide range of applications such as providing public information, displaying menus, advertising products and services, creating brand awareness, and influencing the behavior of customers and enhancing their experience, among others. Digital billboard advertisers can display their messages according to the time of the day, location, and geography. The messages and pictures displayed by them can be changed from remote locations. Advertising using large format printers incurs high costs and allows static information display only.
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