Digital pens and pencils to stay lucrative throughout the forecast period
As technological advancements are taking place, there is a visible increase in the demand for different digital writing instruments. People are using digital writing instruments to operate several gadgets, be it PC, laptop, or smartphones. There are mainly two types of instruments available to people, namely, digital pens and digital stylus. A digital pen is barely bigger than a stylus, supplies extra performance and features than the latter, and includes a digital eraser, smart camera, internal memory, and programmable buttons. Most digital pens, often simply called pens, are pressure-sensitive.
A digital pen can be integrated with a smart writing system to recognize individual pages, different paper tablets, and specific times and dates. In some cases, a digital pen can also be used as a multifunctional scanning pen by text readers.
A digital stylus is generally smaller and much thinner than a digital pen, because it contains no internal electronics. A stylus is generally used to tap, write, and draw on touchscreen devices, with features including precision accuracy, pressure sensing, and palm rejection. Moreover, a digital stylus is a small metal or plastic device that looks like a tiny ink pen, but uses pressure on input screens such as tablets, smartphones, notebooks, and PDA (personal digital assistant) devices.
Majorly, a stylus is primarily used to input and manipulate information on a PDA device. Among these two, digital pens and pencils are ahead of digital stylus in terms of both market size and growth rate. Digital pencil and pens segment is expected to reach a market size of over US$ 1,400 Mn by the end of 2027, growing at a CAGR of 9.7% during the forecast period.
Digital pens and pencils to be in high demand mostly for smartphones
The smartphones market is rising at a significant rate. Advanced smartphones are available with new and innovative features, which is expected to increase the demand for digital pens and pencils. Advanced electronic devices, including smartphones and tablets, are gradually gaining traction among young population who are using digital writing instruments for sketching, learning, scanning, etc., in smartphones and tablets. This trend is expected to have a positive effect on the growth of the digital writing instruments market.
There’s also a rise in the import of electronic goods, due to the rise in its demand. Companies are focusing on research and development of computing and electronic devices, with the objective to improve product life cycles and gain a competitive edge in the market.
But as the production cost of these products is not affordable for many companies, manufacturers and distributors are focusing on manufacturing and importing smartphones, tablets, laptops/notebooks, computer peripherals, and other electronic accessories from other regions, or assembling the components that are manufactured worldwide. Along with import of these products, the demand for digital writing instruments is expected to rise in the coming years.
The demand for digital writing instruments can be hindered by high import taxes
As sellers are importing new and advanced digital products like writing instruments in order to meet rising demands, they are also expected to face restrictions like high import taxes. Due to high import taxes on consumer electronic devices such as digital pens, styli, e-Book readers, smartphones, tablets, notebooks, etc., the prices of these products rise and price conscious consumers find it difficult to purchase these products. High price has always been a major concern for consumers and the factor is expected to adversely affect the growth of digital writing instruments market over the forecast period.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Weighted market segmentation is essential to garner key insights on each and every aspect. Below is a detailed market taxonomy covering various segments of the global digital writing instruments market.
- North America
- Latin America
- Western Europe
- Eastern Europe
By Product Type
- Digital Pens/Pencils
- Digital Styli
By Device Compatibility
- Digital Scanning
- Digital Learning
- Art & Design
- Gesture Recognition
By Distribution Channel
- Retail Stores