HP Claims Top Position in Printer Market Beating Epson in Asia Pacific

HP has claimed the top position in the printer market in Asia Pacific and surpassed Epson as the leading vendor in the total inkjet market for Q4 2023, IDC said.
HP vs Epson share in printer market in Asia Pacific IDC report for 2023Printer Market Growth

The Hardcopy Peripherals (HCP) market in the Asia Pacific excluding Japan region (APeJ) dropped 24.1 percent to 7.6 million units during the final quarter of 2023.

Main products

Inkjet printers saw a decline of 30.2 percent.

Laser devices, including A4 and A3 machines, experienced a decline of 13.5 percent.

The Serial Dot Matrix (SDM) segment witnessed a decline of 29.4 percent.

IDC’s Worldwide Quarterly Hardcopy Peripherals Tracker indicated that the inkjet market experienced its third consecutive quarter of decline in Q4. This decline was primarily driven by a drop of 43.1 percent in the ink cartridge segment.

The retail sector in many countries grappled with sluggish macroeconomic conditions, leading to a significant reduction in demand for consumer-facing products, particularly ink cartridge printers, despite heavy discounts offered by multiple brands.

However, countries such as Bangladesh, Vietnam, India, Philippines, Malaysia, and Thailand saw growth in ink cartridge sales due to the replacement of older machines purchased before the pandemic. Only Sri Lanka, Bangladesh, Vietnam, and Indonesia observed year-over-year growth in the ink tank segment.

The upcoming elections in countries like India, Indonesia, Korea, Taiwan, and Sri Lanka in Q1 and Q2 of 2024 also impacted the market. Q4 of 2023 served as a pre-election period, during which governments in these nations tightened their budgets and reallocated funds away from IT spending, leading to political uncertainty that deterred business investments.

Additionally, purchases from commercial users, especially Small and Medium-sized Businesses (SMBs), continued to decline, contributing to a 14.5 percent decrease in the laser A4 segment. However, the Laser A3 segment experienced a minor decline of 3.6 percent, attributed to document solutions and service tie-in contracts.
Growth in printer products in 2023 IDC reportTop Printer Brands:

HP claimed the top position in the market and surpassed Epson as the leading vendor in the total inkjet market for 2023Q4. However, HP’s shipments dropped by 28.7 percent in the quarter, primarily due to decreased shipments in the Laser A4 segment, impacted by the migration towards ink tank products.

Epson has maintained dominance in the ink tank segment, although the rate of users transitioning from Laser A4 to ink tank printers slowed down. Demand across SMB and Small Office/Home Office (SOHO) segments for ink tanks cooled after strong growth in previous quarters.

Canon has secured the third position in 2023Q4, with a decline of 26.5 percent. Though Canon’s inkjet segment faced shipment declines, its total laser segment grew by 2.1 percent, driven by recovery in the mono segment, fueled by demand from large corporates and government accounts.

Q4 shipments of HCP products improved quarter-on-quarter but declined year-over-year. HCP market experienced a significant downturn in the latter half of 2023 compared to the same period in 2022 due to weaker demand from both consumer and commercial segments.

“We do not anticipate any significant signs of recovery in the HCP market in the first half of 2024,” Yi Karl Tai, Research Analyst at IDC Asia Pacific, said.

Baburajan Kizhakedath

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