Description
The Global Hardcopy Peripherals (HCP) Market size was USD 18 million units in 2023 and is projected to reach USD 19.6 million units by 2031, with a CAGR of 11% during the forecast period.
Global Hardcopy Peripherals (HCP) Market: Overview
The Hardcopy Peripherals (HCP) industry perceives significant growth, especially in multifunction printers (MFPs) and inkjet printers. Ricoh’s release of the monochrome RICOH IM 9000/8000/7000 series demonstrates their groundbreaking MFP portfolio, whilst Epson’s introduction of the Workforces Enterprise WF-M21000, which prints at 100 ISO ppm, shows substantial advances in monochrome A3 printing. Epson continues to lead the inkjet business with ink tank printers, luring users who have switched from Laser A4, albeit at a slower rate. HP maintains its inkjet Market dominance, despite shipping declines due to the shift towards printing tank products. Consumers’ need for energy efficiency is escalating and which is driving the development of fuel-efficient MFPs. Furthermore, affordable printing solutions continue to develop to fulfil the demand for inexpensive and effective options. Government support and regulatory policies, particularly in North America, are projected to drive future economic development. Notably, the Asia-Pacific region is expected to experience the highest Compound Annual Growth Rate (CAGR), due to prominent manufacturers and rising inkjet printer sales because of distant occupations and educational settings. These developments point to a future HCP industry highlighted by energy efficiency, the cost-effectiveness and government assistance.
Global Hardcopy Peripherals (HCP) Market: Covid-19 Impact
The COVID-19 epidemic raised demand for home printers, which boosted sales for Brother Industries Limited. Ink tank types became popular due to their low cost, especially in regions such as India. Supply chain problems led to a drop in the Indian printing sector. Both the consumer and business divisions saw decreasing demand, with regional variances in market performance. Overall, the pandemic had a mixed impact on the hardcopy peripherals industry.
Global Hardcopy Peripherals (HCP) Market: Growth Drivers
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Technological Advancements:
Continuous advancements in printing technology, such as improved resolution, faster printing speeds, and integration with digital platforms, drive the demand for hardcopy peripherals.
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Increasing Demand from Small and Medium-sized Businesses (SMBs):
SMBs require printing solutions for various purposes like documentation, marketing materials, etc. The growing number of SMBs globally contributes significantly to the growth of the HCP market.
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Remote Work Trends:
With the rise of remote work arrangements, there is a higher demand for personal printing devices, including printers and scanners, to facilitate remote document management and collaboration.
Global Hardcopy Peripherals (HCP) Market: Restraining Factors
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Digitalization:
The increasing adoption of digital solutions and paperless initiatives in offices and households poses a challenge to the growth of the HCP market, as it reduces the reliance on traditional hardcopy peripherals.
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Environmental Concerns:
The environmental impact of printing, such as paper waste and energy consumption, is becoming a significant concern. Stricter regulations and growing environmental consciousness among consumers may restrain the growth of the HCP market.
Global Hardcopy Peripherals (HCP) Market: Opportunity Factors
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Managed Print Services (MPS):
The increasing adoption of MPS, which offers cost-effective and efficient printing solutions, presents a significant opportunity for HCP vendors to expand their service offerings and cater to the evolving needs of businesses.
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Emerging Markets:
There is untapped potential in emerging markets where the adoption of printing solutions is still growing. HCP vendors can capitalize on this opportunity by expanding their presence and offering tailored products and services to these regions.
Global Hardcopy Peripherals (HCP) Market: Challenges
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Competition from Digital Alternatives:
The growing popularity of digital alternatives, such as e-documents and e-signatures, poses a challenge to the traditional hardcopy peripherals market. HCP vendors must innovate and adapt to stay competitive in the evolving digital landscape.
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Supply Chain Disruptions:
Disruptions in the global supply chain, such as raw material shortages or logistics issues, can impact the production and distribution of hardcopy peripherals, leading to challenges in meeting customer demand and maintaining profitability.
Global Hardcopy Peripherals (HCP) Market: Segmentation
Based on Type: The market is segmented into Printers, Copiers, Multifunctional Systems, Others, catering to diverse needs and preferences within the industry for specific functionalities and features tailored to different tasks and requirements.
Based on Technology: The market is segmented into Inkjet, Laser, Others, each with its own advantages in terms of speed, quality, and cost-effectiveness to meet various user demands.
Based on End User: The market is segmented into Commercial & Residential, acknowledging the distinct requirements and usage patterns of businesses and households, with tailored products and services aimed at optimizing productivity and convenience in respective environments.
Global Hardcopy Peripherals (HCP) Market: Regional Insights
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North America:
In North America, the Hardcopy Peripherals market confronts similar problems to its Asia/Pacific comparable, including political instability and higher inflation rates. The inkjet market experienced an economic downturn owing to decreased demand for ink cartridges and focused on customers goods. The transition from Laser A4 to ink tank solutions slowed, leading to a cooling in ink tank demand following a period of strong development. Despite shipment losses, HP retained its dominance among the top three brands, while Epson controlled the ink tank segment, albeit at a slower transition pace. Canon noticed a reduction in inkjet shipments but an increase in overall laser sales. The market outlook follows IDC’s forecast, with no major rebound expected in the first half of 2024.
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Asia Pacific:
The Asia Pacific Hardcopy Peripherals (HCP) market covers printers, copiers, and multifunctional devices. It is a dynamic industry, driven by technology innovations, shifting customer expectations, and an increasing need for effective document storage solutions in organisations as well as families. Key businesses fight intensely to offer novel features, dependability, and cost-effectiveness while responding to different client requests. With a thriving economy and raised digitization, the Asia Pacific HCP market continues to expand, driven by expanding business sectors, initiatives from the government, and rising consumer spending power. This dynamic environment creates chances for industry participants to expand their markets, diversify their products, and form strategic relationships.
Global Hardcopy Peripherals (HCP) Market: Competitive Landscape
Brother Industries Ltd, Seiko Epson Corp, Hewlett-Packard Company (HP), Canon Inc., Ricoh, Samsung Electronics Co. Ltd, Xerox Corporation, Konica Minolta Inc., Hitachi, and Zebra Technologies.
Global Hardcopy Peripherals (HCP) Market: Recent Developments
- On March 7, 2024, Seiko Epson Corporation expanded its range of inertial measurement units (IMUs) by introducing the M-G370PDT, a premium low-noise model featuring high-performance, six degrees of freedom sensors. This model entered volume production and began shipping in February 2024.
- On June 5, 2024, Konica Minolta, Inc. announced the upcoming summer launch of the CM-17d and CM-16d spectrophotometers. These vertical, lightweight, and portable devices are designed for high-accuracy measurements in any situation.