Despite industry drop, IDC sees more room for growth for Philippine market
Global technology leader Epson continues to hold its position as the leading company in the ASEAN hardcopy peripherals (HCP) market, despite an overall decline in the industry during the second quarter of 2024, according to the latest report from the International Data Corporation (IDC).
The report reveals that Epson commands a significant market share of 40% among HCP companies in ASEAN, followed by Canon Group at 31%, HP at 15%, Brother at 11%, and Fujifilm at 1%. Other HCP companies collectively hold 2% of the market share.
In Q2 2024, the HCP market in the ASEAN region shipped 1.24 million units, reflecting a 6.4% decrease compared to the 1.32 million units shipped in the same period last year. The laser A4 and A3 markets experienced declines of 8.2% and 14.1%, respectively, attributed to decreased demand from the commercial sector. Inkjet shipments saw a smaller decline of 2.4% year-on-year, showing improvement over the previous quarter’s 20.2% annual drop. Meanwhile, laser devices declined by 13.6% year-on-year, a slight recovery from the 16.7% decline in Q1 2024. Serial Dot Matrix (SDM) printers faced a significant drop of 44.3% year-on-year.
Despite the downturn, the IDC projects a recovery in the latter half of 2024. They expect short-term improvements in the laser segment, driven by increased government spending in ASEAN and a positive outlook for the commercial sector over the coming year.
Philippine Market Outlook
The IDC also highlighted potential growth opportunities for the Philippines in 2024, particularly in ink cartridge machines, driven by back-to-school demand, home printing needs, and first-time users entering the market.
“Epson has maintained its dominance in the ASEAN HCP market despite industry fluctuations. This reflects our commitment to delivering exceptional performance for our consumers,” stated Masako Kusama, President and Director of Epson Philippines. “We also recognize opportunities amid challenges, and Epson Philippines is prepared to meet the growing demand for printing solutions.”
Kusama further emphasized Epson’s commitment to sustainability, noting, “As customer needs evolve, we remain dedicated to being the sustainable choice. Our ink tank printers consume less energy due to our Heat-Free Technology and produce less waste with high-yield ink cartridges. Sustainability will always be at the forefront as we explore new technologies and innovations, aligned with our ‘Engineered For Good’ brand campaign.”
The IDC also reported that users in Thailand and Singapore are increasingly opting for ink tank printers over traditional cartridge models, making cost-effective and long-term choices. In Indonesia and Malaysia, consumers, along with micro, small, and medium enterprises (MSMEs), are similarly favoring ink tank machines.
