With ongoing epidemic outbreaks in China, its inkjet market saw a spike in demand, further boosted by the 11.11 sales, while Indonesia also saw growing demand in tier 2 cities. The impact of inflation and depreciating currencies have been limiting spending to some extent, but government demand was stable in supporting the overall market. Laser segment saw YoY growth in A3 format, as more vendors experienced an improvement in the challenge of parts shortage faced in earlier quarters.
“Supply chain and production setbacks in the region have indeed saw better improvements in Q3, 2022, and we are expecting to hear lesser impact moving towards the end of the year. Commercial recovery has contributed more to APeJ’s market growth post-pandemic phase, though demand across segments is still volatile subjecting to a wider economic outlook,” says Sok Yan Leong, Market Analyst at IDC Asia Pacific.
India remained the second largest inkjet market in the region and witnessed a stronger online than offline demand. Tailing behind China, India, and Korea in Laser market, Australia recorded a higher market share than Vietnam this quarter, thanks to a strong bounce-back from the commercial segment. Vietnam observed a better supply to cater to market demand as well as for government tender fulfilment. Although Brother was ranked fourth in the region, in certain countries such as Australia, New Zealand, Philippines, Singapore, Thailand, and Vietnam, it managed to secure its position as one of the top 3 performing vendors.
Top Three (3) Home/Office Printer Brand Highlights:
1. HP retained its position as market leader in this quarter with a market share of 34.9%. HP recorded both YoY growth of 11.1% and QoQ growth of 2.9%. HP managed to be the top performing vendor in Taiwan, overtaking Epson. HP’s inkjet portion improved by 21.5% whereas its laser products recorded growth of 15.7%. Inkjet portion had a huge YoY growth due to rebound in shipments in China and contributed 59.8% of total HP’s inkjet market share. According to market trends in some countries, HP has started to shift their focus to ink tank products rather than ink cartridge models to match the change in demand.
2. Epson managed to secure second position after 5 quarters with 18.3% of the total market share. Like HP, Epson witnessed YoY and QoQ growth of 2.7% and 16.7% respectively. Epson’s ink tank segment had a huge rebound of 11.9% YoY due to the strong demand driven by commercial segments in countries like China, India and Indonesia. On the contrary, Epson’s ink cartridge had consecutive decline since Q2, 2022. One of the reasons was the shift in printing need from consumer to commercial segment.
3. Canon was ranked third in the market with a share of 18.2%. Canon grew by 22.5% year-over-year but declined by 2.8% sequentially. The strong YoY growth was mainly contributed by high shipments from both inkjet products in China, India, Indonesia, Philippines, Thailand, and Vietnam. In view of the whole APeJ region, Canon’s laser products, which include printer-based and copier-based managed to receive better shipments compared to the same period last year as countries were faced with pandemic restrictions and production hiccups.