Notebook Is Estimated To Witness High Growth Owing To Rising Demand For Mobile Computing Devices
A notebook, also known as a laptop, is a portable personal computer with a clamshell form factor, consisting of a base unit with a screen and keyboard and a lid that closes on top of the base. Notebooks are commonly used for basic computing tasks, such as web browsing, word processing, gaming, streaming media, and communication. The growing popularity of cloud-based services and Bring Your Own Device (BYOD) policies implemented by organizations have significantly increased the demand for portable and mobile computing devices like notebooks. This need for mobility is driving the growth of the global notebook market.
The Global Notebook Market is estimated to be valued at US$ 146.02 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising demand for mobile computing devices: One of the primary drivers for the growth of the global notebook market is the rising demand for mobile computing devices owing to growing trends of mobility, BYOD culture, increasing usage of cloud-based services by organizations. Notebooks offer seamless connectivity and access to all files and data anywhere, anytime which is boosting their adoption across various sectors. This increasing adoption of mobility solutions is estimated to propel the notebook market growth over the forecast period.
SWOT Analysis
Strength:
- Portability and mobility allow users to work from anywhere which has increased demand during the pandemic.
- Integration of latest technologies like touchscreens, SSD drives etc have made notebooks more powerful and versatile.
- Availability of wide range of products catering to different price points allows users to choose as per their requirements and budget.
Weakness:
- Short product life cycles necessitate frequent upgrades which increases overall cost of ownership.
- Higher failure and damage risk compared to desktops due to constant movement and use in different environments.
Opportunity:
- Increasing demand for portable devices from students and working professionals who prefer mobility is driving market growth.
- Growth of e-learning and digital education is augmenting the need for efficient and portable computing devices like notebooks.
Threats:
- Growing preference for tablet PCs, mobile phones and other ultra-portable devices is adversely impacting notebook sales.
- Threat of substitution from rented desktops and cloud computing options for professional requirements.
Key Takeaways
The Global Notebook Market Share is expected to witness high growth over the forecast period aided by strong demand from commercial and educational sectors. The COVID-19 pandemic further accelerated the shift towards remote working and online learning, benefitting notebook sales. The global Notebook Market is estimated to be valued at US$146.02 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.
Regional analysis:
The Asia Pacific region currently dominates the global notebook market with a share of over 40% in 2023. Growing youth population and increasing education budgets in countries like India and China are leading to higher sales of notebooks for learning applications. North America is another major notebook market supported by high technology adoption across industries in the US and Canada.
Key players:
Key players operating in the notebook market are HP Inc., Dell Technologies Inc., Lenovo Group Limited, Acer Inc., and Apple Inc. HP and Dell accounted for the majority market share in 2023 led by their diversified product portfolios and strong business-to-business sales. Lenovo has gained market share in recent years through increased focus on consumer and gaming segments.
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