IDC: Global HCP Market Shipments Decline in Q3

IDC: Global HCP Market Shipments Decline in Q3

The global hardcopy peripherals (HCP) market recorded 19.5 million units shipped in the third quarter of 2023 (Q3, 2023), down 7.9% compared to the third quarter of 2022. The decline was caused by sluggish consumer demand and a pessimistic economic outlook, according to IDC. In addition, the laser segment has been affected by cannibalization from the Ink Tank segment, which is valued for its cost-effectiveness.

Notable highlights from the quarter include:

• The United States was the top geographic market with a year-over-year increase in shipments of 7.5%. Meanwhile, China and Western Europe, the next largest geographic regions, saw shipments decline 20.5% and 11.6%, respectively.
• Canon and Epson were the main drivers for the year-over-year growth in the U.S. market. Epson’s expansion was due to shifting user preference towards ink tank models in the commercial and SOHO space, while Canon’s growth was from its recovery in the A4 color laser segment, which was the hardest hit segment during the supply chain crisis, starting in Q2, 2021.
• Canon, the number 2 company overall, outperformed all other companies in the top 5. The vendor increased shipments 4.2% year over year to nearly 4.5 million units shipped globally. An aggressive pricing strategy and expansion in product models were responsible for its positive growth.

Related:

• IDC: Global HCP Market Shipments Drops in Q2
• IDC: APeJ HCP Market Shipments Decline in Q3
• IDC: Global HCP Shipments Grow in Q1
• IDC: Western European HCP Shipment Declines in Q1