Epson still on top of ASEAN printer market in Q2 2024 — IDC

Despite industry drop, IDC sees more room for growth for Philippine market

Global technology giant Epson remains as the top company in the ASEAN hardcopy peripherals (HCP) market amid the overall drop in the industry in the second quarter of 2024, according to the latest report from the International Data Corporation.

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The report shows that Epson had a market share of 40% among HCP companies in ASEAN, followed by the Canon Group at 31%, HP at 15%, Brother at 11%, and Fujifilm at 1%. Other HCP companies took up 2% of the market share.

Overall, the HCP market in the ASEAN region shipped 1.24 million units in Q2 2024. The number signifies a 6.4% drop compared to the 1.32 million units shipped in the same period last year. Both laser A4 and A3 markets declined by 8.2% and 14.1%, respectively, due to slower demand from the commercial market.

Inkjet also declined by 2.4% year-on-year (an improvement over the previous quarter with a 20.2% annual decline), while laser devices declined by 13.6% YoY (a small improvement from Q1 2024 with a 16.7% annual decline.) Serial Dot Matrix (SDM) printers, on the other hand, declined by 44.3% YoY.

Despite the decline, the IDC still anticipates recovery towards the latter half of 2024. In terms of lasers, the IDC expects a short-term improvement, on the back of increased government spending in ASEAN and a positive outlook from the commercial sector in the next year. 

Outlook for Philippine market

The IDC also noted that there is still room for growth for the Philippines in 2024 in terms of ink cartridge machines, due to back-to-school and home printing, as well as opportunities from first-time users.

“Epson has maintained its dominance in the ASEAN HCP market despite industry fluctuations. This shows our commitment to exceptional performance for consumers,” Epson Philippines President and Director Masako Kusama said. “We also see opportunities where there are challenges, and Epson Philippines is ready to support the demand for printing solutions.”

“And as customers’ needs evolve, Epson remains steadfast in being the sustainable option. Our ink tank printers consume less energy thanks to our Heat-Free Technology, and less waste because of our high yield ink cartridges,” Kusama added. “Sustainability will always be on top of mind as we explore new technologies and innovations in these changing times, rooted in our ‘Engineered For Good’ brand campaign.”

Meanwhile, the IDC said that users in Thailand and Singapore are opting to buy ink tank printers instead of cartridge models, factoring in more cost-effective and long-term decisions. In Indonesia and Malaysia, consumers and micro, small, and medium enterprises (MSMEs) are also choosing ink tank machines.