India to be leading Asian market for Canon by 2025 surpassing China

Japanese imaging and optical products major Canon Inc expects the Indian market to become the top performer in its Asia marketing group by 2025, surpassing China, led by a double-digit growth in the country, a top company official said.

The Tokyo-headquarterd company expects a sales turnover of USD 10 billion from its Asian marketing group by 2025 and take over other regions such as Japan, America and Europe, led by two big markets of China and India.

The company operates in India through Canon India, a wholly-owned subsidiary of the company, which reported sales of Rs 2,614 crore in 2017 with a growth of 11 per cent.

 

"With Canon India continuing to grow at a double digit growth, we foresee Canon India becoming the number one contributor for CAMG (Canon Asia Marketing group) by 2025," Canon Inc Executive Vice President Hideki Ozawa told PTI.

Currently, CAMG contributes about 25 per cent to overall revenues of Canon, he added.

"Currently, China and India are the top performing markets for us in Canon Asia Marketing Group. Canon China is the leader, with India at the number two spot," said Ozawa, who is also President CAMG and President & CEO Canon China.

The Asia region includes markets of China, India, Japan, Singapore, Indonesia, Korea, Malaysia, the Philippines, Thailand, Taiwan and Vietnam.

Ozawa also pointed out the GST rate of 28 per cent on the cameras segment at par with luxury items and said that the Indian government should consider reducing it to 18 per cent.

"Camera is not a luxury item and is a part of everyday life, hence we are looking at the government to consider the industry's request to revise the GST to 18 per cent for cameras, from the current slab of 28 per cent," he added.

According to Canon India President and CEO Kazutada Kobayashi, Canon India is eyeing annual sales of Rs 3,500-crore by 2020.

"Canon India grew at 11 per cent in 2017 and is aiming a double digit growth in 2018 as well," he added.

Presently, B2B and B2C equally contributes equally to the Canon India sales.

"For India, we have a 50 per cent contribution from B2B and B2C," Kobayashi addded.

Canon India, which is largely present in the printers and imaging products business, is also looking into medical imaging systems and security and surveillance camera products.