India's large format printer market rose 2.7 pc in Q1
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
A total of 3,422 units of large format printers were shipped in the first quarter (Q1) of 2024 for India, with an annual growth of 2.7 per cent and a sequential quarterly growth of 10.2 per cent, a new report showed on Monday.
Products covered under large format are CAD and Graphics printers.
During this period, CAD shipments dropped for the first time post-pandemic by 8.7 per cent (year-on-year), whereas the Graphics market improved (year-on-year) by double-digit growth of 18.4 per cent, according to the International Data Corporation (IDC).
As per analysts, the growth in the Graphics market was heavily contributed by the strong recovery of MICE, retail, and the wedding industry.
The Technical market noticed impressive growth (year-on-year) post-pandemic as the government prioritised spending heavily on the infrastructural development of the country, showcasing stronger market and economic recovery in the last several quarters.
Although the CAD market faced (year-on-year) decline, analysts predict 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 solutions in the signage segment that will drive the demand and adoption of UV printers in India, ” said Shivani Priyadarshini, Research Analyst, IDC Asia Pacific.
