日本｜精密機器 精密銘柄4－6月期Outlook

Research evidence excerpt

日本｜精密機器 精密銘柄4－6月期Outlook

Precision Equipment

Equity Research

July 14, 2026

We envision middle single-digit YoY value declines in hardware and non-hardware businesses in

2026 because of global economic recession and accelerated inflation concerns. Our medium-term

outlook projects cyclical movement linked to the global economy in hardware, though roughly

middle single-digit decline in volume and value as a medium-term trend. We expect relatively large

decline in developed countries and modest decline in emerging countries.

We expect low to middle single-digit decline in non-hardware business, even with the prospect of

new demand from distributed printing applications, such as remote work and satellite offices, due

to weaker office and corporate activity. We think the printless trend is likely to advance in both

developed countries and emerging countries.

Chart 7 - IDC A4 LBP+ MFP Shipments by Region (Units)

9,000,000 10%

8,000,000 5%

7,000,000

0%

6,000,000

5,000,000 -5%

4,000,000 -10%

3,000,000

-15%

2,000,000

-20% 1,000,000

0 -25%

Asia/Pacific (ex. Japan) Japan Rest of World

USA Western Europe YoY (RHS)

.

Source: Jefferies, IDC Worldwide Hardcopy Peripherals Tracker, 2026 Q1

Inkjet printer market trends

According to IDC, inkjet printer global sales volume (sell-in basis) totaled 50.76mn units in 2025

(-1.1% YoY). Sales value was US$9,178mn (-0.1%), and ASP was US$181 (+1.0%). Compared to

2019 levels, these results were 89% in volume, 111% in value, and 124% in ASP.

In Jan-Mar 2026, sales volume was 12.47mn units (+1.0% YoY), sales value was US$2,385mn

(+10.0%), and ASP was US$191 (+8.5%).

Japanese volume declined in a sixth straight quarter to 530,000 units (-7% YoY), US volume was