India’s Print Market Registers a YoY Growth of 20.5% in 2Q22 as Improved Business Sentiments Drive Commercial Demand

According to the latest data from International Data Corporation’s (IDC) Worldwide Quarterly Hardcopy Peripherals Tracker, India’s Print market shipped 0.84 million units in 2Q22 (Apr-Jun), up 20.5 percent year on year (YoY) but down 16.7 percent quarter on quarter (QoQ). The print market includes inkjet printers, laser A3/A4 printers and copiers, serial dot matrix printers, and line printers.

Following improved stock availability over the previous year, the inkjet segment grew by 23.1 percent year on year. However, the segment fell 14.6 percent year on year, owing to a slight lull in consumer demand. With lower footfall in 2Q22 due to summer vacations in schools and colleges, market demand is expected to increase in 3Q22 in anticipation of the festive season sale.

Even as vendors struggled with the availability of popular entry-level models, the laser printers segment (including copiers) grew by 19.6 percent year on year. The laser copier segment grew at an even faster rate of 82.0 percent year on year. This is due to strong demand from the government and the banking sector, which continued into Q2. In addition, the market finally observed a revival of demand from large enterprises in 2Q22 which had remained stalled since COVID.

Bani Johri, Senior Market Analyst, IPDS, IDC India, said, “The color Laser copier shipments crossed the pre COVID level, having achieved 15.1 percent market share, the second highest in history. This comes at the back of the introduction of new color models at the end of 1Q22 accompanied by the Government’s growing appetite for the same. On the Laser printer based front, a gradual movement in the Color segment from 1-40 ppm to 40+ ppm speed range was observed following the shift in market demand, supplemented by lucrative schemes on high-speed printer-based color laser printers by the vendors.”

Overall Top 3 Companies in India Hardcopy Peripherals (HCP) Market:

HP Inc. (excluding Samsung) maintained its overall HCP market leadership with a 43.8 percent share and a 45.1 percent YoY increase in shipment. Following the increased availability of its ink tank models, HP increased its market share to 37.3 percent by growing by 70.5 percent year on year.

HP increased its market share in the Laser segment (including the copier segment) by 26.8 percent. HP grew the most in the Laser copier segment, with QoQ growth of 5.3 percent, taking third position as a result of its increased focus on SMB and corporate accounts.

Epson ranked second in the overall HCP market with a market share of 24.3 percent, registering a marginal YoY growth of 0.2 percent as it struggled to secure sufficient stock due to production issues, particularly in the ink tank multifunction printer segment. With a market share of 38.3 percent in the inkjet segment, it was the market leader.

Canon grew by 9.9 percent year on year and ranked third in the overall India HCP market, with a unit market share of 20.6 percent. Canon saw a YoY increase of 13.4 percent in the inkjet segment, owing to the increased availability of its single-function models. Canon maintained its second-place position in the laser segment (including laser copiers) with a market share of 22.0 percent while growing by 5.1 percent year on year. Canon grew by 82.3 percent year on year in the laser copier segment and maintained its market leadership with a 35.9 percent market share following the introduction of new color models.

IDC India Print Market Outlook:

Johri further stated that most vendors have raised their prices by 3-8 percent across the board, with some already raising prices earlier in the year. While this is not expected to dampen commercial demand, consumer demand is likely to remain flat in 3Q22, as most of the demand appears to have been met in the previous quarters. The upcoming festive season, as well as online festive sales, may provide a much-needed boost to the consumer market.