Market analytics firm IDC had some good news for the printer market in Asia Pacific as it recorded an impressive 13.8% year-on-year (YoY) growth for Q1 2023 with 8.7 million units shipped in the first quarter of 2023.
The spike can be attributed to the growing demand for inkjet products from the SOHO (small office/home office) market, small-medium enterprises, and the sustained consumer demand.
HP still dominated the list with the most market share at 36.5%, followed by Epson at 19.7% who overtook Canon which is now at the third spot with 17%.
This growth can also be due to the mass shift of consumers to ink tank printers from laser printers which have been proven to be more cost-effective.
The overall inkjet market of the APeJ (Asia Pacific excluding Japan) increased by 21.4% YoY with markets like the Philippines, Taiwan, and New Zealand recording yearly growth. Such growth is attributed to increasing demand from students, SMBs, and household users.
Meanwhile, the increase in China is credited to the easing pandemic policies, cheaper inkjet printer prices, and higher demand from small-medium businesses as well as the government.
Still, the laser printer market was able to record yearly growth in the APeJ market of 8.2% thanks to markets such as the Philippines, Korea, China, Taiwan, Thailand, and Singapore.
These countries also helped drive the growth of A3 copiers thanks to SMEs, enterprises, government, banking, insurance, and financial services.
Meanwhile, the AR later printer market saw a double-digit YoY growth in the Philippines, Taiwan, China, Korea, and Thailand due to the higher demand from both the consumer and government segments.