Hardcopy Peripherals Shipments Grew in 3Q24

The global hardcopy peripherals market rebounded in the third quarter of 2024, according to IDC. The segment achieved a 3.8% year-over-year (YoY) growth to approximately 20.3 million units shipped in. This marks a positive shift following five consecutive quarters of declines.

While the US and China experienced a YoY decline of 2.0% and 8.8%, respectively, all other regional markets reported increases. Growth in these markets was driven by improved economic conditions in some regions and attractive promotions from key vendors. The global shipment value for all devices also grew 1.1% to $9.4 billion.

This quarter marks the first time since 4Q22 that one of the top 3 regions recorded double-digit expansion; APeJC grew +12.3% to approximately 3.7 million units shipped. This growth was bolstered by a positive economic outlook which enhanced consumer and business spending.

HP and Epson, two of the top three vendors, showed YoY increases, +8.1% and +9.4%, respectively. Both are doing well with their ink tank devices; HP appears to be targeting consumers looking for budget-friendly gift options for home or personal use during the Christmas shopping period. Epson continues its stronghold in the education segment, addressing higher print requirements for purposes such as worksheet and test paper printing.

HP captured 35.3% of the market share with 7.17 million shipments in the period. Epson reached a 21.7% share with 4,42 million shipments, finishing the quarter ahead of Canon which shipped 4.32 million devices. Compared with the same period in 2023, the two companies switched places in the top 5. Brother remained fourth with a 9.4% share and a YoY decline of 3.7%, as Pantum closed the top 5 with a 2.4% market share.