Japanese imaging and optical products major Canon Inc is eyeing a jump in sales to $10 billion from Asian markets, including China and India, by 2020. “We are looking at $10 billion sales by 2020 from the Asia group,” Canon Inc Executive Vice President Hideki Ozawa told PTI. Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Canon EOS R3 Pro high-end mirrorless camera announced, first camera to use 35mm sensor
Presently, the Asian marketing region is contributing around 23-24 percent of the total global sales. In 2016, Canon Inc had reported net sales of $29.32 billion.
“Contribution from Canon Asia is increasing… Eventually, Asia would be the leading contributor,” said Ozawa who is also President and CEO Canon China, adding it would beat Japan, which is presently its biggest market. In some products range such as cameras, Asian market has already exceeded Japan, he said. The Asia region includes markets like China, India, Singapore, Malaysia, Hongkong etc.
“China is the fastest growing market followed by India, South Korea, Malaysia and other markets. They are always competing with each other in a good way,” Ozawa said. “We want India definitely to be at number two and eventually to catch up with China,” said Ozawa.
However, on being asked about the projected time frame in which Canon India would grow to be comparable with Canon China, he said the gap is huge and would take time. ALSO READ: Canon s third-generation printer series to empower SMEs in India
“It’s going to take time but we are going to stay with India. We would keep watching and helping it. In terms of making Canons entire global and Asian business bigger, we can not afford to ignore India, China and emerging countries,” Ozawa said. Canon India closed 2016 with revenues of Rs 2,348.6 crore. “In the next three years, we are targeting Rs 3,500 crore business,” Canon India President and CEO Kazutada Kobayashi said.
Presently, India is contributing around 1.2-1.5 percent to the Canons global sales and Kobayashi is expecting it to increase in coming years. Canon India, which is largely present in the printers and imaging products business is also looking to enter into medical imaging systems and security and surveillance camera products.
“Besides B2B and B2C, we are also going to set up the industrial domain, which would give us more stability over the operations of the company. The medical system, security camera systems, industrial domain business, semiconductor business would come in this,” said Kobayashi adding that it would start from this year itself. ALSO READ: Canon launches EOS 6D Mark II DSLR camera in India for Rs 1,32,995: Here s everything you need to know
As part of the expansion of its product portfolio, Canon India has launched third generation multi function printing devices. Set up in 1997, Canon India has completed 20 years.