Thermal Receipt Printer Market Market Trends

Growth Drivers

• Growing Penetration of Automatic Identification & Data Capture (AIDC) –Information is acquired quickly and accurately since the thermal receipt printing process is automated rather than relying on pen, paper, and people. Receipt characters are automatically classified into two types based on their receipt characteristics: printed characters and handwritten characters. Receipt images with these characters are preprocessed independently. The oriented receipt is scanned much faster and concerted easily through AIDC since it has a high resolution, therefore the need for printed receipts further increases.
• Thermal Printers’ Cost Effectiveness– Thermal printers use heat to print the characters on the paper, contrary to general printers. This leads to better efficiency of printing and at a much lower cost. Owing to the great performance of thermal printers they are the most used option by several businesses. Since receipts are printed in mass every day in a business, therefore, the use of thermal printers is employed by stores and businesses to print high-quality receipts at very affordable prices. Moreover, because ink is not required for printing, the company can considerably reduce costs by changing pricey cartridges or ribbons if you still use traditional printers. Furthermore, the thermal printer's maintenance costs are significantly lowered. The printer no longer has to worry about running out of ink.
• Technological Advancement in the Thermal Printers – Compact and portable designs are one of the most notable developments in mobile thermal printing. Thermal printers were traditionally large and unsuitable for mobile use. Manufacturers, on the other hand, have made great progress in developing thinner, more lightweight printers that can effortlessly connect to mobile devices. Furthermore, the integration of Bluetooth and Wi-Fi chipset has made mobile thermal printers easily paired with smartphones, laptops, and tablets, wirelessly. Users can now print straight from their mobile devices, removing the requirement for physical connections.

Challenges

• The Price Being Offered by Competitors is Much Cheaper- The thermal receipt printer market is facing fierce competition in terms of the cost of the product. Manufacturers in Asian countries, especially India and China have an abundance of cheap labor and the cost of raw material is also cheap, which makes the overall product much cheaper. This has a significant impact on the leading players of the market and makes it hard to compete with them, especially the manufacturers present in Europe and North America. The fierce rivalry among the manufacturers hampers the expansion of the market of thermal receipt printer.
• Rising use of alternative printing methods
• The cost of paper is an additional cost of the thermal printer