Investment Rating - The report indicates a positive investment outlook for the mechanical keyboard industry, driven by the growth in e-sports and the demand for high-quality peripherals [5]. Core Insights - The Chinese mechanical keyboard market has experienced rapid growth due to the e-sports boom, upgrades in office needs, and consumer demand for high-quality peripherals. The core component market, the switch market, is expected to grow at a compound annual growth rate (CAGR) of 8%-10% from 2025 to 2030, with even faster growth in the Chinese market [5]. Market Background - The mechanical keyboard is defined as an input device that uses independent mechanical switches for each key, offering clear tactile feedback, quick response, and durability. Different switch types cater to various user needs, making mechanical keyboards essential for high-end gaming and professional office use [6]. - The development of the Chinese mechanical keyboard market can be divided into three phases: the nascent phase (before 2010), the growth phase (2010-2016), and the explosive phase (2016 to present). The market has expanded rapidly due to the e-sports industry, consumer upgrades, and breakthroughs in domestic switch technology [7]. Market Status - The current market has evolved from wired keyboards with soldered switches to diverse products featuring wireless connectivity, hot-swappable PCBs, and various customization elements. The rise of customization workshops has led to increased market participation, but also significant homogenization and price wars among manufacturers [8]. - The supply side of the market has developed a complete industrial chain, with major production concentrated in Guangdong, Jiangsu, and Zhejiang provinces. Domestic manufacturers have broken the long-standing technology monopoly held by international brands, leading to a diverse range of brands and products [10]. - Demand for mechanical keyboards has surged as they replace membrane keyboards as the preferred choice for users. Consumers are increasingly discerning about keyboard aesthetics, feel, sound, connectivity options, and customization features [11]. Market Competition - The competition in the Chinese mechanical keyboard industry is intense, with low industry concentration. As the market expands, more companies are entering the field, leading to increased competition. Consumers' rising expectations for product feel, appearance, and playability are driving companies to innovate [13]. - The report identifies ten representative brands in the market, evaluated based on revenue scale, product diversity, quality control, and after-sales service [12]. The brands include IKBC, GANSS, VGN, and others, each with unique selling propositions and target markets [14][15][16][17][18][19][20][21][22][23].