The market for printing devices in the Philippines grew by an astounding 34.5 percent in Q1, compared to the same period last year. This is a sharp contrast to overall Asia-Pacific region drop of 7.6 percent, the sixth consecutive quarter of year-on-year drop.
According to International Data Corporation’s (IDC) Quarterly Hardcopy Peripherals (HCP) Tracker, about 233,400 units of single and multifunction printers (MFP) and copiers were shipped in Q1 versus 174,000 units in Q1 of 2012.
Eight out of 10 were of inkjet technology while laser and serial dot matrix (SDM) accounted for the remaining 12.9 percent and 7.0 percent, respectively. Total market revenue hit an all-time high of US$48.2 million.
Pamela Sumanga, Market Analyst of IDC, explained that this trend was made possible by healthy demand motivated by the bullish outlook of the economy.
“Both consumer and commercial products (i.e., inkjet and laser printing devices) have demonstrated double-digit growth rates YoY and beat expectations due to the end-users’ receptiveness to vendors’ initiatives around PC bundling, price drops, and trade-in promotions to name a few. Dealers, on the other hand, were more open to take in fresh stocks from vendors due to prospects of better sales on the retail front and corporate side as IT investments are projected to pick up, given the confidence on the economy,” she added.
The manner at which the local printing market grew at the start of the year strengthened the earlier projections of growth after two successive years of decline.
From 2011 to 2012, the local printing market was weighed down by the changes in the product line-ups, strategies of vendors, and usage behaviour of end-users. With that adjustment period behind and the indications of renewed end-user demand, IDC projects the Philippine HCP market to likely grow by 5.3 percent in 2013 to reach about 802,000 units.