The global hardcopy peripherals market recorded 19.5 million units shipped in the third quarter of 2023 (3Q23), down 7,9% compared to the third quarter of 2022.

The decline was caused by sluggish consumer demand and a pessimistic economic outlook, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Hardcopy Peripherals Tracker.

In addition, the laser segment has been affected by cannibalisation from the Ink Tank segment, which is valued for its cost-effectiveness.

Notable highlights from the quarter include:

* The US was the top geographic market with a year-over-year increase in shipments of 7,5%. Meanwhile, China and Western Europe, the next largest geographic regions, saw shipments decline 20,5% and 11,6%, respectively.

* Canon and Epson were the main drivers for the year-over-year growth in the US market. Epson’s expansion was due to shifting user preference towards ink tank models in the commercial and SoHo space, while Canon’s growth was from its recovery in the A4 colour laser segment, which was the hardest hit segment during the supply chain crisis, starting in 2Q21.

* Canon, the number two company overall, outperformed all other companies in the top five. The vendor increased shipments 4,2% year over year to nearly 4,5-million units shipped globally. An aggressive pricing strategy and expansion in product models were responsible for its positive growth.

Worldwide Hardcopy Peripherals Market, Unit Shipments, Company Share, and Year-Over-Year Growth, Q3 2023 (based on unit shipments)
Companies 3Q23 Unit Shipments 3Q23 Market Share 3Q22 Unit Shipments 3Q22 Market Share 3Q23/3Q22 Growth
1. HP Inc. 6,584,748 33.7% 7,718,930 36.4% -14.7%
2. Canon Group 4,468,463 22.9% 4,287,253 20.2% +4.2%
3. Epson 4,039,834 20.7% 4,062,930 19.2% -0.6%
4. Brother 1,838,593 9.4% 2,036,515 9.6% -9.7%
5. Pantum 409,038 2.1% 532,577 2.5% -23.2%
Others 2,193,209 11.2% 2,571,198 12.1% -14.7%
Total 19,533,885 100.0% 21,209,403 100.0% -7.9%
Source: IDC Worldwide Quarterly Hardcopy Peripherals Tracker, November 9, 2023