Canon Doubling Down on Chinese Market, Looking to Dominate Global Sales by 2035.

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Date: Thursday November 7, 2024 04:41:37 pm
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    Canon Doubling Down on Chinese Market,
    Looking to Dominate Global Sales by 2035.

    Canon Inc., the Japanese tech giant, is doubling down on its efforts to expand its presence in China, aiming to become the top performer in global sales by 2035. The company plans to boost investments in research and development, production, and sales in China, capitalizing on the country’s immense market potential while responding to the growing demand for innovative, personalized products tailored to local consumers.

    Hideki Ozawa, Executive Vice President of Canon and President & CEO of Canon China, emphasized the companyโ€™s commitment to fostering strong ties with the Chinese market through innovation and collaboration. In an interview with *China Daily*, he highlighted Canonโ€™s strategy of aligning its operations with local needs and contributing to China’s sustainable development goals.

    “We’re focusing on deepening our relationship with the Chinese market through innovation and cooperation, and supporting China’s broader sustainability targets,” Ozawa said.

    Central to Canonโ€™s strategy is a commitment to localized R&D, aiming to develop a production and supply ecosystem better suited to the specific demands of Chinese consumers. The company plans to leverage advanced technologies such as big data, cloud computing, and artificial intelligence to meet these needs.

    Ozawa expressed confidence in the resilience of Chinaโ€™s economy, noting that the country’s strong economic fundamentals remain intact despite global uncertainties. He sees China as a global hub for innovation and digital transformation, with vast potential for growth.

    Looking ahead, Canon China is setting its sights on becoming the number one revenue-generating unit within the Canon Group by 2035. The company is especially focused on catering to a diverse range of Chinese consumers, from seniors to Generation Z, which encompasses those born between the mid-1990s and early 2010s.

    Given that Gen Z is poised to drive future consumer trends, Canon is developing products specifically targeted at this demographic, including youth-oriented mirrorless cameras and customized printing solutions. Ozawa explained that these products are designed to meet the demand for personalized, smart, and portable technology.

    “The rapid evolution of consumer preferences requires companies to stay agile and innovate continuously,” Ozawa said. “The energy, innovation, and strong demand for a high-quality lifestyle in the Chinese market create abundant opportunities for growth.”

    Canon is also showcasing its innovations at the 7th China International Import Expo (CIIE) in Shanghai, an event it has participated in for seven consecutive years. This year, Canon is focusing on the healthcare sector, highlighting its latest medical equipment. Ozawa praised the CIIE as a vital platform for international exchange and cooperation, offering companies an opportunity to showcase their latest products and technologies while gaining insights into the Chinese market.

    “By participating in the CIIE, we can connect with potential partners and further understand the needs of Chinese consumers,” Ozawa added.

    In line with its efforts to attract foreign investment, China recently removed all restrictions on foreign investment in the manufacturing sector, a move that Canonโ€™s executives view as a positive development for fostering a market-oriented and internationally competitive environment. The countryโ€™s new policies are expected to further boost foreign investor confidence and open up more opportunities for global enterprises.

    Official data from Chinaโ€™s Ministry of Commerce reveals that foreign direct investment (FDI) in the country continues to grow, with over 42,000 new foreign-invested enterprises established in the first nine months of the year, marking an 11.4 percent increase compared to the previous year. The high-tech manufacturing sector saw a notable rise in FDI, accounting for 12 percent of total inflows.

    Zhu Keli, founding director of the China Institute of New Economy, stated that the policy changes underscore Chinaโ€™s commitment to further opening its economy and creating a more favorable business environment for foreign companies. This, he believes, will inspire greater confidence in foreign investors looking to tap into the growing opportunities within Chinaโ€™s economy.

    With these strategic moves, Canon is positioning itself for long-term success in China, a key market for its global growth ambitions.

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