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June 25, 2024 | IDCEstimated reading time: 1 minute
According to the IDC Worldwide Quarterly Industrial Printer Tracker, a total of 3,422 units of large format printers were shipped in the first quarter of 2024 for India, with an annual growth of 2.7% and a sequential quarterly growth of 10.2%. Products covered under Large Format are CAD and Graphics printers. During this period, CAD shipments declined for the first time post-pandemic by 8.7% YoY, whereas the Graphics market improved YoY by double-digit growth of 18.4%.
The Technical market witnessed impressive growth YOY post-pandemic as the government prioritized spending heavily on the infrastructural development of the country, showcasing stronger market and economy recovery in the last several quarters. However, the demand softened in 1Q24 due to the upcoming election in 2Q24. The election has impacted the government and businesses’ purchase decisions in 1Q24 as major end users have been delaying investment and machine purchases till 3Q24.
On the other hand, the growth in the Graphics market was heavily contributed by the strong recovery of MICE, retail, and the wedding industry. There is also a surge in printing volume for electoral media in India, as there are elections in 2Q24.
Looking deeper into the ink type, UV, this segment has recorded more than 100% growth YOY in 1Q24. The growth was contributed by the stronger demand for Chinese brands than traditional brands as more Chinese brands are penetrating the UV segment with improved functionality, better printing quality, more different substrates, and competitive pricing.
Outlook for 2024
“Although the CAD market faces YoY decline, we believe that the demand will recover in the short run as government and corporate spending will pick up again post-election. Moreover, the Graphics market in India will potentially witness UV becoming the better alternative to greener solution in the signage segment that will drive the demand and adoption on UV printers in India. ” says Shivani Priyadarshini, Research Analyst, IDC Asia Pacific.
IDC's Worldwide Quarterly Industrial Printer Tracker provides total market size and vendor share for five major market categories: large format, label and packaging, direct-to-garment, industrial textile, and direct to shape. In addition to units, shipment value, and average selling price (ASP), the Tracker also provides market results for each product category by ink type, media size, hardware class, or primary application across nine geographic regions and 90 countries.
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