Despite facing challenges in China’s inkjet market, HP’s strong performance in other Asia/Pacific excluding Japan (APeJ) countries keeps it at the forefront of the printer market.
The Hardcopy Peripherals (HCP) market in Asia/Pacific (APeJ) witnessed a significant 10.2% year-on-year decline in the second quarter of 2023, with 7.2 million units shipped during this period. The fall was primarily due to weaker demand from consumer and government segments, impacting both inkjet and laser product categories. The inkjet market saw a substantial 13.5% YoY drop, driven by reduced ink cartridge purchases, particularly in China. Meanwhile, the laser market fell by 6.5% YoY, attributed to lower demand from government and businesses in some countries but with growth in others.
While HP faced a notable decline in market share in China’s inkjet market, its overall performance in the Asia/Pacific excluding Japan (APeJ) region remained resilient. The drop in market share in China was primarily driven by reduced demand as people returned to schools and offices, diminishing the need for home printing.
However, HP’s strength in other APeJ countries more than compensated for the challenges in China. Mainly, markets such as Australia, India, and Thailand showed robust year-on-year growth, underscoring HP’s enduring presence and adaptability in these regions.
Canon and Epson followed in second and third place, respectively, with varying growth patterns across different regions. India is expected to become one of the fastest-growing HCP markets, driven by demand from various sectors.
A softening trend is anticipated in the HCP market in the coming months. “As the overall pent-up demand is completed, we are anticipating a softened trend towards the latter half of 2023. Students drive consumer printing above the pre-covid level, preferring ink tanks over ink cartridges, especially wireless models. On the laser side, A3 laser improves as enterprise purchase returns to normalcy while A4 laser sluggish government demand increased as budget roll-out,” says Paramat Arbhasil, Market Analyst at IDC Asia Pacific.
