In the highly competitive printer market, Hewlett-Packard (HP) has experienced a decline in its market share, losing ground to its rivals, according to a recent report by the International Data Corporation (IDC). The report, which covers the second quarter of 2023 (Q2 2023), indicates that HP’s share of the printer market dropped to 34.8 percent from 39.5 percent in the same period the previous year.
In contrast, Canon Group saw a positive shift in its fortunes, with its printer market share climbing to 21.0 percent in Q2 2023 from 20.1 percent in Q2 2022. Epson and Brother also made gains, increasing their respective shares to 19.0 percent (from 17.6 percent) and 10.5 percent (from 8.4 percent) over the same period. Pantum, a smaller player in the market, demonstrated growth as well, elevating its share to 2.9 percent from 2.2 percent.
In the midst of these market dynamics, Brother and Pantum emerged as the standout performers in Q2 2023 among the top five printer vendors. Both companies achieved positive results, with shipment growth of 9.6 percent for Brother and an impressive 14.6 percent for Pantum. These vendors were able to capitalize on their success in catering to the commercial sector, with lower-priced models gaining traction among small and medium-sized businesses.
However, despite these fluctuations, the printer market as a whole faced challenges during the second quarter of 2023. Worldwide shipments of hardcopy peripherals, or printers, dipped by 11.7 percent year-over-year, totaling 19.5 million units. Furthermore, the shipment value declined by 0.9 percent year-over-year, reaching $9.5 billion, as reported by IDC’s Worldwide Quarterly Hardcopy Peripherals Tracker.
The decline in both shipment units and value can be attributed to several factors, including the fulfillment of pent-up demand and over-stocking from previous quarters. Additionally, sluggish consumer demand continues to impact the global market, leading to reduced sell-through and a less optimistic economic outlook.
Looking at regional trends, the three largest markets – China, the United States, and Western Europe – all experienced year-over-year declines in Q2 2023. This decline was largely driven by decreased demand for A4 printers from both commercial and consumer segments. In the short term, demand from the non-commercial sector is predicted to remain subdued, while commercial demand, particularly for A3 printers, is expected to remain robust.
As the printer market continues to evolve, competition among the major players remains fierce, with shifts in market share reflecting the ability of companies to adapt to changing consumer preferences and economic conditions.