The printer or hardcopy peripherals (HCP) market in Asean shipped 1.24 million units in the second quarter of 2024 (2Q24), 6.4% lower than the 1.32 million units shipped in the same period last year (2Q23), according to analyst firm IDC.
Compared to 2Q23, inkjet declined by 2.4% YoY, which indicated an improvement over the previous quarter, which saw a 20.2% annual decline.
Laser devices, on the other hand, declined by 13.6% YoY, showing little improvement from 1Q24 with a 16.7% annual decline. This declining trend was also seen in the serial dot matrix (SDM) printers, which declined by 44.3% YoY.
Ink cartridge machines continue to decelerate in 2024 due to the strong appreciation of consumers and MSMEs for ink tank machines in Indonesia and Malaysia.
Conversely, the Philippines still sees room for growth for ink cartridge machines due to back-to-school and home printing, and opportunities from first-time users.
In Thailand and Singapore, users look for more cost-effective and long-term decisions when purchasing technology products and opt to buy ink tank printers rather than cartridge models.
In 2024 Q2, both laser A4 and A3 markets declined significantly, with the A3 market declining by 8.2% and the A4 market declining by 14.1%.
The current market situation is due to slower demand from the commercial market, as government tender fulfilments, businesses, and corporations primarily drive copiers and laser printers.
Top 3 printer brand highlights:
- Epson has maintained its status as the leader of Asean’s ink tank market, but as overall inkjet demand decreased, the leading ink tank brand was also heavily impacted. With a lower shipment in their strongest markets, namely Indonesia and the Philippines, the total annual shipment for 2024 is poised for a decline.
- While Canon managed to maintain its overall share in Thailand and their position in Indonesia, Malaysia, and the Philippines throughout 2023, inkjet shipments in 2024 are yet to show signs of recovery for Canon. Canon’s laser products are also slowing down in Indonesia and Vietnam, which had historically been very important markets for the brand, thanks to closer ties with government accounts.
- After securing a higher share in the ink tank market in key countries like Indonesia, Malaysia, and the Philippines with their Smart Tank series, HP’s shipment slowed down significantly in the first half of 2024. Bearing high stocks amidst an uncertain business climate proved challenging for HP in navigating 2024.
“As the overall region saw higher stock in key markets, IDC anticipates a softened recovery towards the latter half of 2024. Home and SMB users continue to drive the adoption of ink tanks, which have been followed in commercial markets too,” said Leonard Adiarto Sudjono, senior research analyst at IDC Asia Pacific.
On the laser side, short-term improvement is expected due to increased government spending in Asean and a positive outlook from the commercial sector in the next year. However, in the long term, IDC maintains its sentiment for laser machines’ decline in Asean.
“A3 laser is still going to continue declining as end users move toward long-term investment with higher-end machines in smaller fleets while A4 laser users are expected to transition to inkjet machines as well as A3 MFPs,” said Yel Bautista, research analyst at IDC Asia Pacific.
