Canon targets 10% revenue growth in Thai printer market with new laser models

Canon Marketing (Thailand), the local branch of the Japanese technology company, has set a target of achieving a 10% revenue growth for its printer business this year, while simultaneously launching new laser printer models in the market.

Thailand ranks as the fourth largest growth market in Asia-Pacific for both inkjet and laser printers, following India, Indonesia, and the Philippines.

The country recorded total sales of 792,000 units across all brands, as revealed by Norihiro Katagiri, senior vice president of Canon for the Singapore APAC headquarters.

“The Thai market is highly price sensitive, with fierce competition in the printer business,” stated Netnarin Chancharassuk, senior director for the consumer imaging information product group of Canon Marketing (Thailand).

According to Netnarin, in a post-pandemic market full of various choices with supply chains ramping up, prices have been maintained due to intense competition.

In the face of a challenging economy, the local printer market is predicted to contract by 5-10% from 2022, as consumers are price sensitive regarding printers priced at 5,000 baht and above.

To cater to the growing demands of corporate and government users, Canon has introduced 13 new laser printer models.

“We aim to increase revenue from corporate accounts to 20% of printer revenue this year, up from 10% last year, while the revenue from the consumer segment is expected to decline to 80% from 90% last year,” Netnarin added.

In a strategic move, the company has introduced a large format printer model at entry-level prices for the first time, targeting the high demand in Thailand. Canon also plans to retain its market lead in the inkjet printer segment this year, as it did in 2022, when it secured a 32% market share, as reported by IT research firm IDC.

Furthermore, the company has launched the “Mini Ink” printer, featuring an authentic ink tank system and cost-saving per page, to assist consumers in saving money. In addition, a business ink printer has been introduced for small and medium-sized enterprises (SMEs) and startups. In 2022, there were 72,480 new SMEs, an increase from 58,000 in 2021.

Demand for consumer printers remains high, driven by hybrid learning, SMEs, and startups.

Netnarin shared that the company’s overall printer business is anticipated to contribute up to 45% of total local revenue in 2023, rising from 38% in the previous year, reports Bangkok Post.