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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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