Growth and Trends in the Hardcopy Peripherals (HCP) Market

Growth and Trends in the Hardcopy Peripherals (HCP) Market

 

According to Next Move Strategy Consulting, the global Hardcopy Peripherals (HCP) Market is witnessing significant growth. These devices, responsible for producing human-readable outputs such as graphics and text on paper, play an essential role in both residential and business environments. As businesses increasingly shift toward remote working, particularly during the COVID-19 pandemic, the demand for home printing devices has surged, leading to greater adoption of HCPs.

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Market Drivers and Challenges

The COVID-19 pandemic, in particular, has been a major driver for the growth of the HCP market. With most employees working from home, businesses relied on printers and copiers to facilitate document handling and other essential tasks. For instance, Brother Industries Limited, a leading player in the HCP market, witnessed a 30% increase in sales for monochrome laser printers and a 42% rise in sales for color laser printers between April and June 2020. These statistics highlight the growing reliance on home printers as individuals adapted to the work-from-home environment.

Despite the strong growth in demand for hardcopy peripherals, challenges persist. One of the significant obstacles to market growth is the high operating costs associated with these devices. Inkjet printers, while being the most affordable type of HCP, incur high operational costs due to the frequent replacement of ink cartridges and tanks. The cost of a full set of replacement color ink cartridges often exceeds the initial cost of the printer itself. Such high maintenance costs deter many consumers from purchasing these devices or limit their usage, which may hinder overall market growth.

Another key driver for the HCP market is the increasing volume of online orders and shipments from e-commerce businesses. As e-commerce continues to grow, the demand for hardcopy peripherals, such as label printers and shipping documentation printers, is expected to rise. This shift presents an opportunity for further growth in the market, especially for businesses specializing in logistics and delivery services.

Market Segmentation

The HCP market is segmented across several dimensions, including device type, technology, interface, output type, and end-user applications.

  • Device Type: The market includes single-function printers, multifunction systems (MFPs), and single-function digital copiers (SF DC). MFPs are particularly popular due to their versatility, allowing users to print, copy, and sometimes scan or fax documents all from one device.
  • Technology Type: The HCP market is divided into ink-based (inkjet) and toner-based (laser) devices. Inkjet printers tend to be more affordable upfront but have higher ongoing costs, while laser printers are generally more expensive initially but have lower operational costs over time.
  • Interface: The market includes both wired and wireless HCP devices. With the growing trend of mobile and remote work, wireless devices, which allow for easier connectivity and more flexible usage, are gaining popularity.
  • Output: Devices are also segmented by output type, with color and monochrome printers serving different needs across various industries.
  • End-User: The HCP market serves multiple sectors, including residential, commercial, educational institutions, enterprises, and others. The rise of remote work and online learning has led to increased demand from both the commercial and residential sectors.

Regional Insights

Geographically, the HCP market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The Asia-Pacific region is expected to drive the market's growth during the forecast period due to high demand for electronics, as well as rapid technological advancements in countries such as China, India, and South Korea.

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North America, with its large number of key players and adoption of advanced technologies, particularly AI and automation, is expected to continue leading the HCP market. Additionally, Europe is likely to see steady growth in the demand for HCPs due to the increasing demand for self-healing materials in the automotive sector, which requires specialized printing technology.

Competitive Landscape

Leading companies in the HCP market include Brother Industries Ltd, Seiko Epson Corp, Hewlett-Packard (HP), Canon Inc., Ricoh, Samsung Electronics, Xerox Corporation, and Konica Minolta Inc. These players are focusing on product innovation to cater to the evolving needs of businesses and consumers alike. For example, in July 2021, Xerox launched the AltaLink C8100 and B8100 Series multifunction printers, designed to support flexible work environments and accelerate digital transformation.

Similarly, Konica Minolta launched the AccurioPress C7100 digital color presses, offering innovative technology for high-speed printing and improved business performance.

Conclusion

The Hardcopy Peripherals market is witnessing growth driven by increased adoption of home printers, rising e-commerce activities, and advancements in printing technologies. However, high operating costs and the ongoing need for product innovation pose challenges for the market's full potential. As businesses continue to adapt to remote work environments, the HCP market is expected to see continued expansion, particularly in the Asia-Pacific and North American regions.

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

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