Japanese imaging and optical products major Canon Inc is expecting USD 10 billion sales from Asian markets by 2020 as the company bets big on fast growing emerging markets of the region that includes China and India.
"We are looking USD 10 billion USD by 2020 from the total sales of the Asia group," Canon Inc Executive Vice President Hideki Ozawa told PTI.
Presently, the Asian marketing region is contributing around 23-24 per cent of the total global sales. In 2016, Canon Inc had reported net sales of USD 29.32 billion.
"Contribution from Canon Asia is increasing... Eventually Asia would be the leading contributor," said Ozawa who is also President & 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, Australia, 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," he said.
China is the leading market in the region and there is huge gap between them and other Asian markets, while India shuttles between two and three.
"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.
"Even it's going to take time, we are going to stay with India. We would keep watching and helping it. In terms of making Canon's entire global and Asian business bigger, we can not afford to ignore India and China and emerging countries. That's for sure," Ozawa said.
Canon India closed 2016 with revenues of Rs 2,348.6 crore.
"In the next three years, we are targetting Rs 3,500 crore business by 2020," said Canon India President and CEO Kazutada Kobayashi
Presently, India is contributing around 1.2-1.5 per cent to the Canon's 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 would expand as it has plans to enter into medical imaging systems and security and surveillance camera products.
"Besides b2b and b2c, we are also going to set up industrial domain, which would give us more stability over the operations of the company. The medical system, security camera systems, industrail domain business, semiconductor business would come in this," said Kobayashi adding that it would start from this year itself.
As part of expansion of its product portfolio, Canon India today launched third generation multi function printing devices.
Set up in 1997, Canon India has completed 20 years here.
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