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India’s large format printer market grows 2.7% YoY in Q1 2024

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. IDC

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