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Canon expects a 30 per cent growth in Indian revenues
Oct.05
Betting big on growth in the digital camera market, digital imaging major Canon on Thursday said it expected a 30 per cent growth in Indian revenues in 2006 to Rs 4 billion (US$88.7 million).
The company, which is in the process of revamping its sales and distribution pattern, also plans to introduce a slew of new products in the market which it hopes to expand on the back of healthy economic growth and rising consumer spending.
“India is one of the fastest growing economies in the world and we hope to ride the boom,” Canon India president and CEO Alan Grant told reporters here after launching 43 new products across a variety of segments.
Canon offers a range of products in India that include copiers, printers, facsimile machines, digital cameras and camcorders, scanners and projectors.
Canon, which imports its products from locations like Japan, China, Malysia, Vietnam and Taiwan, expects to clock revenues of Rs 3.10 billion this year against Rs 2.64 billion in 2004.
Grant said the digital camera market was growing exponentially, witnessing a massive 328 per cent growth in the nine months of 2005. “We feel that the consumer shift is clearly towards digital cameras. The segment contributed four per cent to our revenues in 2004 which which is expected to rise to 18 per cent this year and 25 per cent in 2006,” Grant said.
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