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The global HCP market rebounded in the third quarter of 2024, achieving a 3.8% year-over-year (YoY) growth to approximately 20.3 million units shipped in., This marks a positive shift following five consecutive quarters of YoY declines, according to the IDC Worldwide Quarterly Hardcopy Peripherals Tracker.
While the US and PRC experienced YoY declined -2.0% and -8.8%, respectively, all other regional markets reported YoY increases. Growth in these markets was driven by improved economic conditions in some regions and attractive promotions from key vendors. The global shipment value for all devices also grew +1.1% YoY to $USD 9.4 billion. Notable highlights from Q3 2024 include:
This quarter marks the first time since Q4 2022 that one of the top 3 regions recorded double-digit YoY expansion; APeJC grew +12.3% to approximately 3.7 million units shipped. This growth was bolstered by a positive economic outlook which enhanced consumer and business spending.
HP and Epson, two of the top three vendors, showed YoY increases, +8.1% and +9.4%, respectively. Both are doing well with their ink tank devices; HP appears to be targeting consumers looking for budget-friendly gift options for home or personal use during the Christmas shopping period. Epson continues its strong hold in the education segment, addressing higher print requirements for purposes such as worksheet and test paper printing.
