Printer industry

Research evidence excerpt

Printer industry

Global Markets Research

17 June 2026Printer industry

EQUITY: JAPAN CONSUMER ELECTRONICS

Research Analysts

Jan–Mar 2026 sales Japan consumer electronics

Yu Okazaki - NSC

Rising semiconductor memory and oil-related costs a concern, but should yu.okazaki@nomura.com

be offset by cost pass-throughs +81 3 6703 1210

We forecast solid earnings thanks to factors including yen depreciation and lower

tariffs

We see no major changes in the printer market, and we envision solid earnings for the

foreseeable future thanks to yen depreciation and lower US tariffs. Rising semiconductor

memory and oil-related input costs are a concern, but we think they would be within a

range that companies can offset via cost pass-throughs. We still expect that over the

longer term, structural contraction in the market will continue, owing to the ongoing shift to

paperless operations. We look for companies to maximize survivor benefits by enhancing

profitability via further cost efficiency gains and industry realignment. We also see

business opportunities for sector companies from increased demand for production

printers as a result of digitization of commercial printing and from expansion in the range

of applications for industrial inkjet printers. We recommend Fujifilm Holdings [4901] and

Canon [7751], which have substantial growth opportunities via their diversified operations,

and Brother Industries [6448] and Seiko Epson [6724], which are less likely to be affected

by contraction in the office multifunction printer (MFP) market.

Office MFPs: Market continues to shrink on shift to paperless operations

The office MFP market has continued to contract. In Jan–Mar, Canon's hardware sales

were down 7% y-y (ex forex effects) and non-hardware sales were up 1%. It plans to