Hardcopy Peripherals (HCP) Market Global Demand, Competitive Landscape and Business Outlook 2021-2030

A hardcopy peripheral device is any connected device, either internal or external that adds to the capability of the computer. Hardcopy peripherals such as printers, copiers, and multifunctional systems can produce human-decipherable representations of graphics or text on paper. With the spread of COVID -19 adoption of the home printer (HCP) increased significantly as most companies allowed their employees to work from home. For instance, between April to June 2020, Brother Industries Limited, one of the leading players in the HCP market, had witnessed a 30% increase in its momo laser printer sales and a 42% increase in its color laser printer’s sales, mostly catering to the home environment.

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Competitive Landscape

The Hardcopy Peripherals (HCP) market is comprising of various market players such as 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. Other players operating in this market include Lexmark International Inc., Printek LLC, Durst, Bixolon Co. Ltd, and Fujitsu. These market players are adopting various growth strategies, such as new product launches to further expand their presence in the hardcopy peripherals (HCP) market and expand their customer base. For instance, in July 2021, Xerox launched the Xerox AltaLink C8100 and Xerox AltaLink B8100 Series multi-function printers (MFPs) to better enable flexible work conditions as a result of the pandemic, and to help companies accelerate their digital transformation by providing access to ConnectKey apps. Also, in July 2021, Konica Minolta Business Solutions launched the AccurioPress C7100 line of digital color presses packed with innovative technology to help businesses grow more lucratively. The new AccurioPress C7100 model offers 100 pages per minute (ppm) with the AccurioPress C7090 at 90ppm.

Market Dynamics and Trends

The demand for Multifunctional printers has grown considerably over the past few years, as consumers have become more energy conscious. The energy requirements for several standalone printers in a workplace are high, forcing companies to develop print management strategies that include upgrading their equipment and managing their print, copy, and mail center. In addition, Companies like Ricoh, HP, Canon, and EPSON invest heavily in R&D and constantly strive to improve their product offerings. For instance, in January 2021, Ricoh launched the monochrome RICOH IM 9000/8000/7000, reflecting an all-around representation of all the critical offerings in their advanced MFP lineup. To compete with this, in April 2021, Epson launched the WorkForce Enterprise WF-M21000 monochrome A3 multifunction printer that prints at 100 ISO ppm.

However, the high operating expense of the HCP is a major impediment to the market growth. For instance, inkjet printers are the most affordable type of HCP, but they are also the most expensive to operate. These HCP’s operate on ink cartridges and ink tanks, which can cost between $40 to $60. If users use the printer on a regular basis, they need to replace ink cartridges and tanks frequently, and the cost of a whole set of replacement color ink cartridges may, in some cases exceed the original price of the HCP. On the contrary, the increasing online orders from E-commerce websites are expected to provide growth opportunities for the hardcopy peripherals market.

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Geographical Analysis

North America was the largest revenue contributor to the global hardcopy peripherals (HCP) market in 2020, and the trend is expected to continue during the forecast period due to the widespread adoption of consumer electronics and communication devices. Also, there have been high-tech advancements in the field of cost-effective printing solutions that are driving the growth of the market. Moreover, compliance policies and support from the government are expected to provide growth opportunities to the HCP market.

However, the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This is mainly attributed to the presence of prominent market players in the region. Majority of these players are based in Japan such as Canon Inc., Seiko Epson Corporation, Ricoh Co., Ltd, Fujifilm Holdings Corporation, Brother Industries Ltd, and others. In addition, market vendors in the region saw higher sales of inkjet printers because of working and studying from home conditions in countries such as China, Japan, and South Korea.

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