Global Hardcopy Peripherals Market Witnesses Downturn in 3Q23 Amid Economic Concerns, IDC Reports

The global hardcopy peripherals market has faced a downturn, with shipments totaling 19.5 million units in the third quarter of 2023 (3Q23). This figure reflects a 7.9 percent decline compared to the same period in 2022. The slowdown has been attributed to sluggish consumer demand and a prevailing pessimistic economic outlook.
HCP share Q3 2023HP (33.7 percent share), Canon (22.9 percent), Epson (20.9 percent), Brother (9.4 percent), and Pantum (2.1 percent) are the top printing companies in the world, The International Data Corporation (IDC) Worldwide Quarterly Hardcopy Peripherals Tracker released new data revealing.

Key insights from the report highlight the following trends:

Market Factors: Sluggish consumer demand and economic uncertainties have contributed to the decline in shipments. Additionally, the laser segment has faced challenges due to cannibalization from the Ink Tank segment, valued for its cost-effectiveness.

Geographic Trends: The United States emerged as the top market, experiencing a 7.5 percent year-over-year increase in shipments. However, China and Western Europe, the subsequent largest regions, witnessed declines of 20.5 percent and 11.6 percent, respectively.

Market Drivers: In the U.S., Canon and Epson were pivotal in driving year-over-year growth. Epson’s expansion was attributed to the shifting preference toward ink tank models in the commercial and SOHO (small office/home office) sectors. Canon’s resurgence in the A4 color laser segment contributed significantly to its growth, rebounding from the adverse effects of the supply chain crisis since 2Q21.

Company Performance: Canon, positioned as the second-ranking company globally, surpassed other contenders within the top 5 by increasing shipments by 4.2 percent year over year, totaling nearly 4.5 million units shipped worldwide. Canon’s success is credited to an aggressive pricing strategy and an expansive product portfolio, both contributing to its positive growth trajectory.

The fluctuations in the hardcopy peripherals market underscore the influence of economic uncertainties and evolving consumer preferences, particularly the shift toward cost-effective ink tank models. Canon and Epson’s strategies have notably impacted market dynamics, exemplifying the importance of adaptability and competitive pricing strategies amid a changing landscape.

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