The market's shipment value reached over $4 billion this year.
Market analyst 6Wresearch reported on the Indian wide-format market in its report India Large Format Printer Market, Quarterly Tracker, which found that the market value of shipments in India reached $4.64 billion (Ã¢Â‚Â¬3.71 billion) in 2014, with HP, Epson and Canon taking the top three places for OEMs respectively.
The analyst noted that the market is "demonstrating promising growth" thanks to "growing advertising and digital marketing", with companies looking at "new and innovative ways to promote their brands" including banners, vehicle wraps and point of purchase displays. HP continues to dominate "due to huge demand for its entry level-priced [machines]" from both engineering and freelance professionals, as well as the inclusion of wireless connectivity.
6Wresearch added that it looks at imports and Indian-manufactured machines, unit shipments, prices and features of devices, and noted that over 36 vendors shipped machines in the country, while in terms of ink type, dye and pigment captured 46 percent market share. The three OEMs previously mentioned meanwhile constitute 71 percent of the entire market's share between them.
In terms of products, marketing banners and posters "remain the most prominent large format applications" thanks to their "low cost and high impact on mass media", though higher-resolution machines, alongside "improved pigmented inks", and their adoption in photography and fine art, are "gaining momentum".
The market in future is "expected to demonstrate substantial growth" due to more multinational companies "entering the Indian market to set up their design centres". 6Wresearch warned however that "cost factor remains a major hurdle" in terms of the marketÃ¢Â€Â™s future growth, though newer technologies are "still to enter" the market, so OEMs are "facing stringent price competition".