Laptop Market Growth and Rising Demand Analysis Report

The global laptop market size is expected to reach USD 334.51 billion by 2030 and grow at a CAGR of 6.9% from 2023 to 2030, according to a recent report from Grand View Research, Inc. The market has been experiencing growth over the past few years, and the trend is expected to continue over the forecast period. A significant portion of the growth of the market can be attributed to increased government initiatives. For instance, in June 2021, the Zimbabwe Information Technology Company (ZITCO), a local computer assembly joint venture between Chinese firms and government entities, started supplying desktops and laptops to government departments. ZITCO aims to produce 150,000 ICT units annually and has already made available funding for a second batch of 1,500 units for various government departments.

Another factor driving market growth is an increase in demand for gaming. According to the India Brand Equity Foundation (IBEF), the Indian gaming market was estimated to be worth around USD 2.6 million in 2022. Various companies in the laptop industry have been coming up with gaming laptops with enhanced specifications/functionalities suited for supporting various games to capitalize on this market. For instance, in March 2023, Lenovo introduced LOQ gaming laptops, which are available in 16-inch and 15-inch sizes. The LOQ laptops are powered by Windows 11 and have options including NVIDIA GeForce RTX 40 Series GPUs, 13th Gen Intel Core, or AMD Ryzen 7000 Series CPUs. The Intel-based laptops include Lenovo LOQ 16IRH8 and Lenovo LOQ 15IRH8, and the AMD-based laptops include Lenovo LOQ 15APH8 and Lenovo LOQ 16APH8. These laptops target users taking the first steps in their gaming journey. All the newly launched laptops come with a Lenovo LA AI chip, which powers Lenovo AI Engine+ for optimizing in-game framerates and dynamically tuning wattage and thermal performance.

Gather more insights about the market drivers, restrains and growth of the Global Laptop Market

The growing adoption of smartphones and tablets is taking a toll on laptop demand. Consumers prefer smartphones over laptops owing to the benefits offered in terms of size without much compromise on the applications. For instance, laptops and smartphones are increasingly used for business applications, entertainment, and personal use. Moreover, smartphones offer several benefits over laptops regarding mobility (carrying capability) and advanced features such as smooth communication over voice calls and text messaging, mobile payments, and location-based advertising, among others. Nevertheless, the introduction of slim, lightweight, and multi-featured hybrid laptops has limited the impact of this challenge by helping professionals carry the devices to the workplace easily.

Several initiatives have been taking place among the healthcare sector, laptop manufacturers, and e-commerce companies, among others, aimed at offering laptops to students. Some of the recent ones include Microsoft announcing (January 2022) the availability of Windows 11 SE laptops for education, which can be ordered through education channels; Li-Cycle's announcement (May 2023) of extending corporate sponsorship of Shift2 aimed at donating 60 laptops for students at a Rochester, New York, high school; and MSI’s announcement (April 2023) of offering up to a 37% discount on its laptops to students, which comes under the “Back to School” offer, which is in partnership with Amazon, and Flipkart. Such initiatives have been driving the growth of the market and are expected to continue over the forecast period.

 

Laptop Market Report Highlights

• The 2-in-1 laptop segment is anticipated to observe a CAGR of 12.8% during the forecast period.The growing preference of consumers for sleek laptop designs for enhanced flexibility and availability of a diverse range of products with respect to design, price point, features, and functionality, are also driving the segment growth. Furthermore, an increased number of ports and energy-efficient processors are accelerating the sales of 2-in-1 laptops across the globe.

• The 11” to 12.9” segment is anticipated to observe a CAGR of 8.3% during the forecast period. The segment growth can be attributed to the lightweight body and compact design of these laptops, making them a popular choice among users who like to carry their laptops while traveling. Moreover, their low-cost prices and long battery life are expected to boost the segment's growth over the forecast period.

• The USD 501 to USD 1000 segment is anticipated to observe a CAGR of 7.6% during the forecast period. The availability of technologically advanced laptops in this price range is expected to drive the segment growth. Furthermore, these laptops feature a robust processor and are mostly suitable for a range of CPU-intensive applications such as gaming and business tasks.

• The personal segment is anticipated to observe a CAGR of 6.6% during the forecast period Consumers' high emphasis on aesthetic laptops and the availability of affordable models are driving the segment's growth. Furthermore, rising internet penetration and growing digitization are anticipated to drive the demand for personal laptops over the forecast period.

• Asia Pacific region is expected to grow with the fastest CAGR of 8.3% from 2023 to 2030. The expansion of the regional market is predicted to be fueled by rising investments in digital infrastructure, rapid economic growth, and increasing urbanization. Global market players are launching their new laptop models in high-potential markets in the region, such as India, Japan, South Korea, and Australia.

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