The HCP market in India grew 24.2 percent year-on-year and 57.2 percent quarter-on-quarter to 1.1 million unit, according to IDC.
Inkjet shipments market touched 579,371 units, growing at 25.5 percent y-o-y. Laser printers market including copiers increased 24.8 percent y-o-y to 486,947 units.
“Despite a higher tax slab of 28 percent on multi-function printers, accounting governance created by the Government of India which requires businesses to maintain copies of electronic invoices to claim GST refund, largely contributed to the market growth,” said Abhishek Mukherjee, senior market analyst, IPDS, IDC India.
HP Inc. remained the HCP market leader with 41.9 percent share in India, registering 19.9 percent y-o-y growth and 39.8 percent q-o-q growth.
HP has lost its top position in Inkjet market to Epson owing to latter’s strong ink tank portfolio and ended 2017Q3 with a unit share of 37.6 percent.
HP Inc. continues to be the market leader in laser HCP (Printer-based) market with 54.7 percent market share.
Epson regained the first position in Inkjet with a unit share of 43.6 percent and unit shipments of 252,784 units.
Epson rebounded from a slightly weaker Q2 to clock 126.6 percent q-o-q growth in Q3 in the inkjet market. Epson capitalised on the demand in the SME and retail space with media push through new television advertisements.
Epson deep penetration in smaller cities such as Agra, Patna where demand for ink tank printers outpaced than some big cities like Bangalore, Chennai also helped them propel to first spot in Inkjet market.
Canon achieved strong growth in Inkjet business with 62.4 percent q-o-q growth on the back of push of ink tank models in the retail with extra bottles of black ink.
Canon ink tank models registered 35.9 percent y-o-y growth. Canon India retained its number one position in the copier market with 26.2 percent market share on the back of strong sales through its direct channel to large enterprises.