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レポート概要
The Indian inkjet printer market is expected to register a CAGR of 4.2% during the forecast period (2021 – 2026). Contemporary inkjet printers use two leading technologies, namely continuous (CIJ) and drop-on-demand (DOD). In the CIJ technology, a high-pressure pump is used to direct liquid ink from an ink reservoir by using a gun body and a microscopic nozzle, creating a continuous stream of ink droplets. The CIJ method is applicable for marking and coding of products. Continuous inkjet printers are preferred over manual systems by users for printing on packages and bottles. Likewise, several other end users are switching to digital coding solutions from traditional analog technologies.
– Continuous inkjet printers offer several benefits, such as very high-speed printing, the ability to print characters on virtually any material, and the ability to run for long hours with minimum servicing requirements and cost-effectiveness. Owing to such benefits, the application of continuous inkjet printers is growing in the food and beverage and aerospace sectors, thus driving the growth of the Indian inkjet printer market.
– Since the growth opportunities in the developed regions have stagnated, the market players have shifted their focus on emerging countries, like India, China, Japan, and Indonesia. For instance, according to the President and CEO of Epson India, in 2019, Epson India, part of the Japanese major Seiko Epson, plans to capture a 12% share of the laser printer market in India, from the current 8% through its InkTank printers. Although the demand declined till the mid of 2019, mainly due to the lowered demand from both consumer and commercial segments, the market recovered soon due to increased demand for multifunctional inkjet printers.
– Despite a slowdown in demand, Inkjet printer shipments grew led primarily by Epson. The growth was driven by Ink tank printers, which recorded the highest growth in the last five quarters due to high demand from the commercial segment along with government bodies. However, advertisement and promotional materials took a big hit since the postponement and cancellation of significant exhibitions and events. They are expected to return when the industry revives. Packaging printing, including the label market, is showing steady demand because of the multiple options in packaging.
Key Market Trends
Large Format Inject Printers to Hold Major Share
– Key factors fueling the growth of the inkjet printer market include increasing demand for large format printing in the textiles, advertising, and packaging industries; rising adoption of UV curable inks in outdoor advertising, CAD, and technical printing applications; and the increasing importance of digital document production in commercial printing applications.
– The rising demand for large format printers for home furnishing and decor and vehicle wrap applications, the increasing requirement for large format printing from the in-plant market, as well as the availability of varieties of large format printers with a varied price range, are creating tremendous growth opportunities for the players in India.
– Demand from the textile industry is anticipated to increase at the next fastest rate. Quick turnaround is a growing priority of textiles as the fashion segment comprises multiple mini-seasons and print-on-demand delivery. This particularly suits inkjet production with its decreased setup times, and are also generating direct online sales of printed clothing and household decor.
– The increased emphasis on maintaining the color consistency across batches has led to an increase in dye sublimation and other direct-to-fabric processes resulting in the shift from traditional analog screen printing to inkjet printing format production. In August 2019, HP launched a new range of dye sublimation textile printers in India for the first time at Gartex 2019 in New Delhi. From the inkjet printers in the new Stitch S series, the S500 was displayed. The new Stitch S series has an inbuilt spectrophotometer and Cloud-based profiling for color standardization. These developments are responsible for the growth of large-format inkjet printers in India.
The Commercial Segment is Expected to Witness Significant Growth
– The major advantage of using inkjets is due to its capability to produce short runs and unique products effectively. Commercial printing is being driven by the growth of online ordering and specification by using web-to-print technology. The ability of inkjets in the production of short runs and one-off products has reinforced its role as a critical enabler in such an ecosystem.
– India is one of the largest producers of apparel and textile. Inkjet printers are likely to be high in demand because of their growing use in graphics printing, apparel and textiles printing, and computer-aided design (CAD) and technical printing applications. Significant growth in the market for large format printers is likely to be observed in advertising and signage applications in India, mainly due to the booming economy.
– Also, many of the vendors providing printers are extensively providing all-in-one printers as they are widely used by many businesses. As the new small businesses are ramping up in the region, these vendors are introducing new technologically integrated all-in-one printers as a part of their product portfolio. The major players in this segment are HP Inc., Canon, Epson, etc. contributing to the growth of inkjet printers.
– Ink Tank printers, on a global basis, including India, enjoyed positive year-over-year growth in unit shipments. Epson led the pack with more than 2 million units shipped in 2Q19. In India, the growth is driven primarily by the online channel segment in preparation for the sales events in the run-up to the Diwali Festival.
Competitive Landscape
The competitive landscape of the Indian inkjet printer market is highly consolidated, owing to the presence of a few market players holding significant market share. Whether it is product launches, mergers, takeovers, or new marketing strategies, the market has vibrant competitiveness. Canon, Brothers Industries Ltd, are among the major players in the Indian Inkjet Printer market share. The companies are involved in many growth and expansion strategies to get a competitive advantage. Business participants also follow the value chain alliance with business transactions in various steps of the value chain.
– In November 2019, Canon India, one of the leading digital imaging company, announced the launch of its new ‘Business Imaging Solutions’ (BIS) lounge in Kolkata and will serve as a one-stop destination for all office imaging requirements of organizations – big or small – in the region.
– In November 2019, At a series of 2019 shows, Epson launched its new ColorWorks C6000 Series (at Pack Expo 2019); 24-inch SureColor P7570 and 44-inch SureColor P9570 and SureColor T3170x (PRINT 19); and the SureColor F570, SureColor F6370, SureColor F9470, and SureColor F9470H dye-sublimation printers. These models print color and produce labels at up to 5 inches per second.
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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.4.1 Shift in Consumer Demands and Increasing Adoption of Ink Tank Printers
4.4.2 Increasing Flexibility in terms of Speed and Cost Control
4.5 Market Restraints
4.5.1 Technological Limitations and Competition from Laser Printing
4.6 Assessment of Impact of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Multifunctional Inkjet Printers
5.1.2 Large Format Inkjet Printers
5.1.3 Industrial Inkjet Printers
5.1.4 Other Types
5.2 End User
5.2.1 Residential
5.2.2 Commercial
5.2.3 Educational Institutions
5.2.4 Other End Users
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Jet Inks Private Limited
6.1.2 Felix Solutions
6.1.3 KGK Jet India Private Limited
6.1.4 Numeric Inkjet Technologies
6.1.5 Videojet Technologies Inc.
6.1.6 Colorjet Group
6.1.7 Hewlett Packard Enterprise India Pvt. Ltd
6.1.8 Canon India Pvt. Ltd
6.1.9 Epson India Pvt. Ltd
6.1.10 Brother International (India) Pvt. Ltd
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS