IDC: APeJ HCP Market Reports Shipment Growth in Q1

IDC: APeJ HCP Market Reports Shipment Growth in Q1

The HCP market in Asia/Pacific (excluding Japan) registered 8.7 million units shipped in the first quarter of 2023 (Q1, 2023), growing by 13.8% year-on-year (YoY), according to IDC.

IDC claims the growth is due to:

• Increased demand for inkjet products because of the resumption in the demand from SOHO, small-medium businesses, and sustained consumer demand.
• The shift of the commercial segment away from laser printers and toward ink tank printers, which have been proven more cost-effective for printing.

The APeJ region’s overall inkjet market grew by 21.4% YoY. New Zealand, the Philippines, and Taiwan reported yearly growth, thanks to higher demand from home users, students, and SMB segments.

In the context of the laser printer market, the APeJ region registered yearly growth of 8.2%. China, Korea, Thailand, Singapore, the Philippines, and Taiwan recorded growth, due to increased demand for A3 copiers from enterprises, government, SMBs, and banking, financial services, and insurance (BFSI) segments.

Also, in the context of the A4 laser printer market, Korea, China, Taiwan, Philippines, and Thailand had reported double-digit YoY growth due to increased demand from the commercial segments and government in 2023Q1 compared to 2022Q1.

“India, APeJ’s second largest printer market, showed a YoY decline in Q1, owing to decreased demand for A4 printers from both commercial and consumer segments. In the short term, demand from the non-commercial segment is projected to remain low. Whereas commercial demand is likely to remain high, particularly for A3 printers. Other South Asian countries, such as Bangladesh and Sri Lanka, are likely to have low printer market growth in the near future due to inflation, power outages, and foreign currency reserve issues,” says Apoorv Kandharkar, Market Analyst at IDC Asia Pacific.

Top Three (3) Home/Office Printer Brand Highlights:

1. HP has a solid stand as they continue the market leader position in Q1 despite the slowdown in consumer demand across the region. End-user promotions are its key strategy. The countries with the highest YoY growth include China, Singapore, and the Philippines.
2. Epson overtook Canon and became second place at the beginning of 2023. It continues to have a strong B2B focus while making inroads in the commercial segment. The highest YoY growth occurred in the Philippines, China, and Thailand.
3. Canon dropped to third place in APeJ but still retained its second place in China. Facing a weakening demand, Canon increased its focus on ink tanks by increasing promotional activities across the region to gain a competitive edge amongst the brands in the market. Following China, the highest sequential and annual growth takes place in New Zealand.

“We are anticipating a slowdown in the market as the growth in Q1 was mostly from pending shipment due to project postponement. The migration from ink cartridges to ink tanks will continue due to its cost-effectiveness, resulting in a continual decline in ink cartridges. On the other hand, laser products are expected to increase in the developing countries driven by the decentralized print environment trend while maturing countries are expected to decline from the device consolidation to high-speed devices,” says Paramat Arbhasil, Market Analyst at IDC Asia Pacific.

For more information on this IDC tracker, contact Apoorv Kandharkar at akandharkar@idc.com or Paramat Arbhasil at parbhasil@idc.com.

Related:

• IDC: Global HCP Shipments Grow in Q1
• IDC: Western European HCP Shipment Declines in Q1
• IDC: Malaysia HCP Market Declines in Q4
• IDC: Indonesia HCP Market Reports YoY Growth in Q4
• IDC: Global Industrial Printer Shipments Declines in Q4

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