The European imaging market, encompassing laser MFPs, SFPs, and inkjet SFPs and MFPs, experienced a dynamic start to 2025. While Q1 closed with a healthy 7.1% increase in units and 1.8% in revenues, the second quarter has begun with a noticeable slowdown. This shift is a common pattern for April, often following the Q1 financial year-end for many major printing industry vendors. However, this year, the dip is more pronounced, especially following week 17 and Easter Monday, which led to a significant 29% decline in units and 27% in revenues. This downward trend has continued into the subsequent weeks.

The ASP Effect: Driving Revenue Declines and Inkjet Shifts

A key factor contributing to this revenue decline is the ongoing fall in Average Selling Prices (ASPs). While Laser MFPs have been a consistent growth story throughout 2024 and early Q1 2025, even their ASPs have seen a 5.1% decline since 2023. Laser SFPs have experienced an even steeper drop, nearly 10% over the last two years. This trend, while facilitating laser printer sales, shows no signs of slowing down, raising questions about sustainability for vendors and distributors.

Conversely, a significant shift has been observed in the inkjet printer market. Historically, inkjet growth was driven more by revenue increases than unit sales due to higher prices. However, Q1 2025 and the beginning of Q2 have seen an inversion of this trend, with vendors and distributors increasingly willing to sacrifice revenue to drive higher volumes. The question remains: how low can ASPs go before impacting profitability? This will be a critical area to watch in the coming months.

Country-Specific Performance: A Mixed Bag

Examining country-level performance reveals a mixed picture:

• Spain, after a very strong Q1, has shown a noticeable slowdown. This can largely be attributed to delayed deals from Q1 finally closing, leading to a subsequent dip in Q2.
• The UK market is proving more stable than in previous periods, with performance matching 2024 levels.
• Germany's performance in 2025 so far has been slower, mirroring patterns observed in past years.
• Poland saw a bump in week 16 due to specific deals but has since slowed down.
• Both France and Italy are showing positive signs, broadly tracking their 2024 performance. Italy, in particular, has performed well for most of the current year.

While most countries are still performing below their strong 2023 levels, there are encouraging signs of stabilisation and even growth in certain regions.

The Refillable Ink Tank Story: A Shifting Landscape

A notable trend emerging in recent weeks is the slowdown of refillable ink tank products. Despite a 3.4% revenue increase in May, the overall number of units declined by 1%. This is particularly impactful as refillable ink tanks have been a significant revenue driver for the inkjet segment. Major countries like Germany and Poland, which hold the largest shares in this category, are experiencing either slowing growth or even dramatic declines. This suggests a growing preference for lower-priced products and hardware in certain markets.

Conversely, Spain and Italy are showing interesting dynamics in the refillable ink tank segment. Monitoring whether this slowdown in major countries persists and if Italy and Spain continue to show improvement will be crucial for future market updates.

Looking Ahead

The European imaging market is at a fascinating juncture. The interplay of ASP declines, shifting vendor strategies, and varied country-level performances will define the trajectory for the remainder of 2025. The coming months will reveal how distributors and vendors adapt to these evolving market dynamics and whether new growth opportunities emerge.

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