Laptop Market Gains Momentum with Surge in Remote Work, Projected to Grow at 7.3% | Marketresearch.biz Report
According to Marketresearch.biz, the surge in remote work is a driving force behind market expansion in the laptop industry. With a significant portion of employees now working remotely or in hybrid models, there’s an increased demand for laptops supporting video conferencing and cloud collaboration.
New York, Feb. 21, 2024 (GLOBE NEWSWIRE) — The global laptop market, valued at USD 211.0 billion in 2023 and projected to reach USD 419.4 billion by 2033 with a 7.3% CAGR, experiences significant growth driven by a surge in demand for advanced technologies and a rapid rise in the education sector.
Laptops, also known as notebook computers, are characterized by their portability, making them indispensable for various settings like airplanes, temporary offices, meetings, and libraries. They can transform into desktop computers using docking stations, providing versatility in use.
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Built-in networking and 5G cellular connectivity enhance internet accessibility without wires. Manufacturers are targeting customers in economically challenged regions with affordable Android laptops, creating widespread market appeal. Notably, Wistron’s new laptop manufacturing plant is expected to generate employment opportunities and contribute to the production of IoT elements and EVs. Dell’s introduction of four new laptops in India, including Alienware gaming devices, further underscores the market’s dynamic growth.
Laptops find widespread use in the education and IT sectors, offering benefits such as easy portability, enhanced connectivity, predictability, speed, accuracy, and collaboration opportunities, along with information security. The market is poised for expansion as high-end requirements drive demand across sectors, reaffirming laptops’ integral role in the evolving landscape of computing.
Key Takeaways
- Notebooks hold a strong position in the design market segment due to their portability and affordability.
- Traditional laptops lead the market segment due to their proven reliability, range of options catering to different price points, and suitability for a diverse range of applications.
- Personal use dominates the end-use market segment due to the wide-ranging utility of laptops for individual users.
- North America dominates the global laptop market with a commanding 40% share.
Driving Factors
The surge in remote work drives market expansion.
The rise in remote work significantly impacts the laptop market. With 12.7% of full-time employees working remotely and 28.2% in a hybrid model, as reported by Forbes in 2023, there’s a heightened demand for laptops that support video conferencing, cloud collaboration, and seamless online access. This trend is further reinforced by a Gallup survey indicating the productivity benefits perceived by a majority of the workforce, including Gen Z, Gen X, and millennials, in remote and hybrid work setups. This shift in work culture underpins the sustained demand and growth in the laptop market.
High-quality performance propels market expansion.
New technological advancements in graphics, memory, and processing power are some of the main driving factors for market expansion. Moreover, in 2023, the Apple M3 8 Core’s top PassMark performance score exemplifies the capabilities of modern laptops to handle intensive tasks like the gaming industry, video editing, and data analysis. This surge in performance parameters broadens the applicability of laptops, catering to a diverse range of user needs, from casual browsing to professional-grade applications, thereby stimulating steady market growth.
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Restraining Factors
The market saturation hinders the growth of the laptop market.
Many companies in this area are focusing on enhancing their current operations and investing in research and development. Despite these efforts, a decline in revenue is expected during the forecast period. The saturation in these mature markets is largely due to the majority of product categories reaching their peak demand, with little room for significant growth. This situation presents a notable restraint for the laptop industry in North America, as the potential for expanding the customer base and increasing sales is considerably limited.
Growth Opportunity
The rise in the education sector propels market expansion.
The increasing adoption of laptops in schools and universities, especially affordable Chromebooks, is a key driver. Retailers like Tech to School, Best Buy, and Google for Education are capitalizing on this trend by offering a range of Chromebooks, priced between $200 and $500, designed to meet diverse educational needs. The potential for creating long-term customer relationships and brand loyalty among young users sets the stage for future market expansion as these students enter the workforce.
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| Report Attribute | Details |
| Market Value (2023) | US$ 211.0 Billion |
| Market Size (2033) | US$ 419.4 Billion |
| CAGR (from 2024 to 2033) | 7.3% from 2024 to 2033 |
| North America Region Revenue Share | 40% |
| Historic Period | 2016 to 2023 |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
Regional Analysis
North America dominates the global laptop market with a commanding 40% share, driven by tech giants like Apple, HP, and Dell, influencing trends and benefiting from high consumer purchasing power. The region prioritizes innovative features and premium, high-performance laptops, especially for business and gaming. Integration with education and a remote work culture fuels sustained growth. In Europe, diverse consumer demand, a preference for energy-efficient laptops, and digital education initiatives contribute to market strength. While the Asia Pacific holds a smaller share, rapid growth is propelled by a burgeoning consumer base, increased internet penetration, and key roles in laptop manufacturing, particularly in China and Taiwan.
Segment Analysis
By design type, the notebook holds a strong position in the market segment due to its portability and affordability. These are designed to offer an optimal balance between functionality and mobility, making them a preferred choice for users who require a versatile computing solution. With their compactness, lighter weight, and practical features, notebooks meet the needs of a wide user base, including students, professionals, and casual users.
By type analysis, traditional laptops lead the market segment due to their proven reliability, range of options catering to different price points, and suitability for a diverse range of applications. It offers the right balance of performance, durability, and cost-effectiveness, making it suitable for both personal and professional use. They continue to be the go-to choice for users seeking a straightforward, dependable computing device.
By end-user type, personal use dominates the market segment due to the wide-ranging utility of laptops for individual users, encompassing a variety of tasks from basic computing and internet browsing to more demanding applications like multimedia editing and programming. The growing demand for lightweight and portable computing solutions for personal use underscores the segment’s market dominance. The broad appeal and adaptability of laptops for personal use solidify their leading position in the market.
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Segments covered in this report
By End-user
- Personal
- Business
- Gaming
By Type
- Traditional laptop
- 2-in-1 laptop
By Design
- Notebook
- Ultrabook
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
In the competitive laptop market, Acer Inc. distinguishes itself with a diverse range, balancing performance and affordability, catering to budget-conscious consumers. Apple Inc., renowned for its MacBook line, leads the high-end market, offering premium design, high performance, and seamless integration within the Apple ecosystem. ASUSTeK Computer Inc. and Micro-Star International Co. Ltd. excel in the gaming laptop segment, focusing on high-performance hardware and dedicated gaming features, appealing to a niche but rapidly growing market segment. Each company’s strategic positioning caters to specific consumer needs, contributing to the dynamic landscape of the laptop industry.
Key Players
- Acer Inc.
- Apple Inc.
- ASUSTeK Computer Inc.
- Dell Technologies, Inc.
- Hewlett-Packard Development Company L.P.
- Lenovo Group Limited
- Microsoft Corporation
- Micro-Star International Co. Ltd.
- Razer Inc.
- Samsung Electronics Co. Ltd.
- Sony Group Corporation
- Sony
- Panasonic
- LG Electronics
- Philips
- Toshiba Corp.
- Alphabet Inc.
Recent Developments
- In January 2024, Lenovo launches the Legion 9i gaming laptop in India, featuring an Intel Core i9-13980HX processor, NVIDIA GeForce RTX 4090 GPU, AI-tuned cooling, and a 3.2K Mini-LED display with a 165Hz variable refresh rate.
- In January 2024, Asus launched the new ZenBook 14 OLED lineup in India, featuring Intel AI chips, 3K OLED displays with 120Hz refresh rates, and Intel Core Ultra processors with up to 32GB RAM and 1TB storage.
- In December 2023, Lenovo announced the redesigned Legion Y7000P gaming laptop for 2024, featuring a modern aesthetic with a new rear vent configuration and upgraded hardware, including an i7-14650HX processor and RTX 4060 graphics card.
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