IDC: APeJ HCP Market Reports Record High Annual Growth in Q4

IDC: APeJ HCP Market Reports Record High Annual Growth in Q4

IDCAccording to IDC, the HCP market shipment in Asia/Pacific recorded close to 10 million units in the fourth quarter of 2022 (Q42022), up 18.5% compared to the same period last year. This also marked the region’s highest YoY growth achieved throughout the past four quarters and the third consecutive quarter of reporting YoY growth in 2022.

Market growth sequentially was also at a record high of 22.1%. Compared to 2021’s full-year shipment, the market saw a 6% growth in 2022, which was the highest annual growth achieved since 2010. “As industries recover post-pandemic, HCP unit shipments benefitted from a pickup in both supply capacity and demand in developing countries,” said IDC.

IDC: APeJ HCP Market Reports Record High Annual Growth in Q4

Inkjet printers in the region sustained strong YoY growths in the second half of 2022, even when other products saw declines.

The China market, which holds the largest share in the region, reported an 85.1% YoY growth in Inkjet, thanks to a surge in demand from the consumer segment in the quarter.

Across the region for the year 2022, Inkjet also reported a 17.7% annual growth, in which some of the bigger markets such as India and Indonesia witnessed double-digit YoY growths in the past few quarters, driven by economic recovery from the pandemic. On the other hand, although Laser had a strong quarterly growth of 14.4%, the region observed a slight YoY decline of 0.7% in Q42022 and an overall annual decline of 3.2% in 2022. Only A3 and A4 color segments grew YoY this quarter, mainly driven by pent-up demand and spending from the government sector.

“Looking ahead, we are not expecting consumer demand growth in China to continue for the long term, just as the rest of the region has been seeing a better outlook in the commercial segment ever since countries emerged out of the pandemic. Nevertheless, demand for printing will saturate along with the adoption of inevitable document workflow changes,” says Sok Yan Leong, Market Analyst at IDC Asia Pacific.

Top Three (3) Home/Office Printer Brand Highlights:

  1. HP retained its position as the market leader in 2022. Growth was achieved in countries like Australia, the Philippines, China, and Taiwan in Q42022, following strong end-user promotions along with backlog and project fulfilment as it closes its financial year.
  2. Canon focused its 2022 promotional efforts on Tmall platform in China, which benefitted its inkjet performance in Q42022. Besides that, Ink Tank series printers were also a particular focus in sub-regions to achieve growth, while improved demand for A3 supported Canon’s Laser market.
  3. Epson ranked third in the region but secured its position as the top 1 Inkjet brand outside of China. Other than a considerable supply recovery in Q42022, Epson managed to capture the increased consumer demand in China and increased commercial demand from more tender activities in the region, with Indonesia being one of its largest growing Inkjet markets.

IDC: APeJ HCP Market Reports Record High Annual Growth in Q4

“As a strong rebound was witnessed in 2022, we are anticipating an upward market trend to be spilled over to the first half of 2023 and eventually be softened towards the end of the year. Ink Tank products are increasing in prominence as we see a growing trend of SMBs and SOHOs shifting their preference from entry-level Laser to Ink Tank, whereas demand for Ink Cartridges continues to see a downtrend with shrinking home printing usage. Laser products would be affected by gradually weakening demand from the commercial segment as companies progressively move towards digital at scale,” says Yi Karl Tai, Market Analyst at IDC Asia Pacific.



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