Japanese imaging products major Canon is expecting robust growth in India, one of its top five markets for DSLR cameras, on account of its entry into newer segments and introduction of advanced technologies, a top company official has said.
The company is exploring new opportunities in business segments like security cameras through its group firm Axis Communications and in health sector with its range of diagnostic medical imaging solutions.
"Canon Inc, Tokyo is expecting very rapid growth of the Indian market in terms of photography backed by population growth and economic growth and future development of the photo industry. Our expectation to Indian market is quite significant," Yoshiyuki Mizoguchi, Group Executive - ICB Products Group, Canon Inc, told PTI.
Presently, India is among the top five markets for Canon along with the US, China, Japan and Germany.
Canon India, which is eyeing a turnover of Rs 3,500 crore in annual sales by FY 2020, is expecting a sustained growth in both B2B and B2C segments.
According to Canon India President and CEO Kazutada Kobayashi, the group is already present in the rapidly growing security camera market through group firm Axis Communications, which is gradually expanding its portfolio here.
"We are covering more high-end products... quality wise, we are a leading player in the world," Kobayashi said.
Canon is also exploring opportunities in semiconductor business in India.
On business potential of segments like medical products, semiconductor machines, he said, "Potentially, it (semiconductor) is quite huge and team is now visiting towns and hospitals and possible locations."
Continuing its innovation, Canon India today launched its latest EOS R system, which is a full-frame CMOS sensor mirrorless camera.
Priced at Rs 1.89 lakh and Rs 2.78 lakh (with kit), it is equipped with features such as advanced Dual pixel CMOS AF, Digic 8 imaging processor, High density AF points positions, Multi function slider bar, Flexible AE Mode, High speed data communication RF mount.
Presently, mirrorless camera contributes around 10 per cent of the overall interchangable lens category and according to industry watchers, it is expected to corner around one third of the segment in next 2-3 years.
"We expect that the new format would grow in this country and we are very much keen to grow the business," said Kobayashi.
However, on being asked about the projections for mirrorless segment, he said, "We would wait how the market reacts."
Canon India, which imports its entire line-up, also ruled out setting up manufacturing unit here and said that it would depend on the growth in the near future.
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