The Desktop Monitors Market is segmented by Type (CRT, LCD, LED), Application (Consumer & Commercial, Gaming, Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Market Dynamics
Increasing demand for consumer electronics such as computer peripherals such as desktop monitors in schools, colleges, offices, and personal computers is one of the key factors augmenting the market growth. Modern computer monitors also support high response time which is the time taken for the individual pixels to change color, which further boosts the product demand. Moreover, with the advent of new technologies such as USB type C, monitors are now able to streamline workstations and eliminate the need for costly desktop docking stations, which offers immense opportunities to the market players.
The COVID-19 outbreak has positively influenced the desktop monitors industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly which made people stuck in their homes with limited movement. The recent outbreak of COVID-19 and the announcement of lockdowns resulted in employees opting for work at home, which created a surge in demand and sale of computer peripherals, including monitors and laptops.
Segment Analysis
Application Trends
The desktop monitors market is categorized into consumer & commercial, gaming, and others. The gaming segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the advent of competitive gaming platforms, such as e-sports, which is considered to be a billion-dollar industry, and gaining traction of titles, such as Counter-Strike, Overwatch, Fortnite, and PUBG that can reach a refresh rate of as much as 240Hz to allow the screen to keep up with rapid movements of the players, which further bolsters the segment growth.
Regional Trends
The Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to the rising adoption of new technologies and advancements in the computer peripheral sectors. Also, most of the computer parts and hardware are predominantly manufactured from countries within Southeast Asia, including China, Taiwan, and South Korea, thereby proliferating the regional market growth.
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