IDC recently disclosed the hardcopy peripherals (HCP) market performance for the first half of 2024 within the Asia/Pacific region, excluding Japan (APeJ). Overall, the HCP market experienced a year-over-year decline of 15.2% compared to the first half of 2023.
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According to the IDC Worldwide Hardcopy Peripherals Tracker, a total of 13.5 million units were shipped across the region from January to June 2024. The semiannual performance showed a decrease across most types of products:
- Inkjet printers: declined by 16.1%
- Laser devices: declined by 12.1%
- Serial Dot Matrix (SDM): declined by 29.4%
The inkjet market, in particular, showed a steeper decline than anticipated, primarily due to the economic conditions in multiple countries that impacted consumer spending. As households faced rising inflation and the increased cost of living, there was a noticeable tightening of spending on ink cartridge models. The competitive pricing for both ink cartridge and ink tank printers further intensified the market dynamics.
The start of 2024 was marked by weak business sentiment, with small and medium-sized businesses tightening their spending and enterprises continuing to shrink and implement cost-cutting measures. The post-election dynamics also negatively impacted the laser A3 market in several countries, including India, Indonesia, and Korea, where the segment declined by 17.5% due to political volatility. The Laser A4 segment recorded an 11.5% drop, with entry-level models losing market share to ink tank products as inkjet technology continued to grow in popularity.
HP secured the top spot in the total HCP market, though its shipments for both inkjet and laser printers declined by 13.5% in H1 2024, reflecting softer consumer and commercial demand due to economic challenges. Epson continued to lead the inkjet market with approximately 2.5 million shipments across the region, despite a 9.8% year-over-year decline. Canon remained in third place, experiencing a 21.8% decline overall; however, its laser segment grew by 6.4%, driven by strong corporate and government deals across multiple countries.
The decline rate in the first half of 2024 is far beyond initial expectations, shared by Mr. Yi Karl Tai, Research Analyst at IDC Asia Pacific. “Other than the impact of macroeconomic factors, political factors played a huge role in suppressing demand. Just a few weeks into the second half of 2024, there had already been political turmoil happening in a few countries. Thus, such factors will produce a negative outcome for the coming quarters.”
Covered By: Imaging Solution / IDC
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