Market Trends of India Inkjet Printer Industry
Large Format Inkject Printers to Hold Major Share
- Inkjet printers are experiencing robust growth, fueled by heightened demand in sectors such as packaging, textiles, and advertising. Notable drivers include the escalating adoption of UV curable inks in outdoor advertising and technical printing, coupled with a heightened focus on digital document production in commercial printing. The increasing importance of digital document production in commercial printing applications further underscores this trend, highlighting the pivotal role of inkjet technology in meeting modern printing needs.
- In India, the appetite for large format printers is surging, particularly for applications in home furnishings, decor, and vehicle wraps. This demand is further amplified by the evolving needs of the in-plant market and the broad spectrum of price points for large format printers, unveiling vast opportunities for industry stakeholders. The availability of various large format printers with a wide price range is creating tremendous growth opportunities for players in the Indian market, enabling them to cater to diverse customer requirements and preferences.
- According to IBEF, the Indian textile industry achieved a market valuation of around USD 226 billion in 2023. Demand for textiles is set to accelerate. As the fashion segment adopts multiple mini-seasons and print-on-demand deliveries, the emphasis on swift turnarounds intensifies. This trend dovetails perfectly with inkjet production's hallmark of reduced setup times, enhancing direct online sales of printed apparel and home decor items. The synergy between the evolving fashion industry and inkjet printing technology underscores the potential for significant growth and innovation in the textile market.
Understand The Key Trends Shaping This Market
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The Commercial Segment is Expected to Witness Significant Growth
- Inkjets play a crucial role in the dynamic landscape of commercial printing, excelling in producing short runs and unique products. The increasing importance of commercial printing is highlighted by the surge in online ordering and specifications, driven by web-to-print technology.
- India is a dominant force in global apparel and textile production. The demand for inkjet printers is on the rise, spurred by their growing applications in graphics printing, clothing and textile printing, computer-aided design (CAD), and other technical printing tasks. The market for large format printers in India is expanding, especially in signage and advertising, thanks to the nation's robust economy. According to FICCI, India's print industry was valued at over INR 260 billion (USD 3.09 billion) in 2023, with forecasts suggesting it will exceed INR 288 billion (USD 3.43 billion) by 2026, indicating a compound annual growth rate of about 3.4%.
- Recognizing the widespread adoption of all-in-one printers by businesses, many vendors are ramping up their offerings. With the emergence of new small companies in the region, these vendors are diversifying their portfolios to include advanced all-in-one printers. Major players like HP Inc., Canon, and Epson are at the forefront, significantly propelling the growth of inkjet printers.
- Inkjet printers are witnessing consistent year-over-year growth in unit shipments globally, including in India. In India, this growth is predominantly driven by the online channel, especially with sales events leading up to the Diwali Festival. While laser printer shipments are declining, ink tank printers are on the rise, compensating for this dip. Additionally, the Indian government's crackdown on the reconditioned copier market is likely to boost demand for genuine laser printers.
