Canon Targets 20 Percent of Asia Revenue from India by 2035
Electronics giant Canon sets its sights on elevating India's contribution to its Asia revenue to over 20% by 2035, aiming to position Asia as the world's leading market within the same timeframe, according to Hideki Ozawa, the company's executive vice president. With a fervent desire to bolster sales across all business segments in India, Canon envisions a significant uptick in its market presence. Ozawa revealed Canon's target for India to represent 20-30 percent of Asia's revenues by 2035, although the current revenue figures remain undisclosed.
Canon India's president and CEO, Manabu Yamazaki, highlighted the company's robust revenue growth over the past two years, attributing it to a post-pandemic resurgence. Canon aims to sustain this growth trajectory moving forward. Currently, Canon operates primarily in the printing and imaging sectors in India, with plans to expand into medical devices and semiconductors, catering to the burgeoning demand for essential factory equipment.
Yamazaki emphasized the accelerated growth in India's cybersecurity and surveillance sectors, fueled by initiatives like the Smart Cities mission, which present lucrative opportunities amidst the digital transformation wave. Ozawa underscored the need for favourable government policies and tax regulations to incentivize manufacturers like Canon to establish a stronger foothold in India.
Interestingly, Ozawa noted Indian consumers' inclination towards imported products, prioritizing value over locally manufactured goods. Despite this trend, Canon has established itself as a leader in India's imaging market, buoyed by the popularity of its camera range. The company aims to further penetrate the printing sector, targeting a market share increase of 35 percent within three years.
Canon's strategic focus includes expanding its distribution network in tier-2 and tier-3 cities, intensifying marketing efforts, introducing tailor-made products for the Indian market, and capitalizing on semiconductor manufacturing initiatives in the country. Through these initiatives, Canon aims to strengthen its position and capture a larger market share in India's burgeoning consumer electronics landscape.