Global Graphics Tablet Market Size, Share and forecast 2028

 

Global Graphics Tablet Market was valued at USD 714.32 million in 2021, and it is expected to reach a value of USD 1196.72 million by 2028, at a CAGR of 7.65% over the forecast period (2022 - 2028).

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A graphics tablet, also known as a drawing tablet, is a piece of hardware used for digital artistry. They are also used by a variety of professionals in entertainment, art, architecture, prototype design, and other fields. It consists of a touch-sensitive surface or screen with multiple pressure levels to provide greater usability to the user. The growing demand for media and entertainment tablets will drive up demand for these tablets. Furthermore, as automation increases in the designing and prototyping segments of various industries such as building and construction, automotive, healthcare, and others, demand for these devices will skyrocket.

The rapid expansion of the creation of digital content in nations like the US, Japan, and especially China, as well as the expanding animation and design industries globally, are all contributing to the steady growth of the global graphics tablet market during the forecast period. The graphics tablet market is also anticipated to be significantly impacted by an exponential rise in the number of digital artists across a variety of industry verticals, including graphic design, fashion design, and architectural and industrial design. Another factor driving the demand for graphics tablets is the rise in consumer disposable income and the demand for technologically advanced features in graphics tablets across various industries. The combination of all the following factors is anticipated to grow the graphics tablet market globally.

Global Graphics Tablet Market Dynamics

Driver

Rise In Digitization and Technology Upgradation

In recent years, the rise in digitization, increasing preference for more hi-tech approaches, and technology in most industries have shifted consumers' preference toward graphics tablet. Because they are easier to transport than traditional drawing, these tablets are becoming increasingly popular among artists. It has contributed to graphics tablet market growth, as evidenced by the expansion of market participants.

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Restraint

High Cost of Graphic Tablet

One of the most significant disadvantages of graphics tablet is that they can be quite expensive, depending on the make and model. For independent artists or small studios, this cost may be sufficient to deter investment, even if the system itself is useful. Large-scale deployment can also necessitate a substantial investment. The cost is increased when repairs and replacements are considered, as tablets are damaged or worn out over time.

Global Graphics Tablet Market Competitive Landscape

The market is dominated by few global players. The companies in the graphics tablet market are competitive based on pricing. Key players in the graphics tablet market are adopting strategies like product launch, mergers, and acquisition, and high R&D investments to gain a significant market share. Based on revenue, WACOM is a major player in the graphics market. According to WACOM's annual report from April 2019 to March 2020, net sales reached $765.6 million, up from $773.6 million in the previous year. However, sales of the graphics tablet increased exponentially due to the growing culture of working or studying from home, as well as increased media consumption. According to WACOM's annual report from April 2020 to March 2021, net sales reached $ 938.1 million, a 21% increase over the previous year.

Top Player's Company Profiles

·       Wacom (Japan)

·       Huion Animation Technology Co., Ltd. (China)

·       Shenzhen Ugee Technology Development Co., Ltd. (China)

·       Xppen Technology Co. (US)

·       Monoprice, Inc. (US)

·       Gaomon Technology Corporation (China)

·       Penpower Technology Ltd. (US)

·       Parblo Inc. (China)

·       ViewSonic (US)

Recent Developments

In August 2022, Huion, a global supplier of digital drawing devices, introduced the Inspiroy Dial 2 pen tablet (the successor of Inspiroy Dial Q620M). Huion optimizes the design of the dial and adds one more dial controller on the tablet, which helps to improve user productivity.

In October 2021, Wacom launched Cintiq Pro 16 creative pen display for professional and serious digital content creators. The Wacom Cintiq Pro 16 combines the company's most natural and precise pen performance with newly improved ergonomic features in a sleek and portable form.

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