Canon eyes $1 billion in revenue in India by 2015
29 Aug 2011
Canon Inc's Indian unit is planning to focus on printing services and launching medical equipment as it aims to gross $1 billion in revenue by 2015, the company's country head said.
Canon makes low-end, low-priced compact digital cameras and is engaged in printers' assembly in countries such as Vietnam, but for high tech products it prefers Japan to protect advanced technology like the single-lens reflex cameras.
Canon's India sales were down about 5 per cent year on year as the earthquake and tsunami in Japan, hit supply of products and parts. Local sales of printers, as also that of personal computers, were also lower on weaker consumer demand, due to high inflation and interest rates.
The company is now trying to recover this growth in the second half of 2011, says Kensaku Konishi, president and chief executive at Canon India Pvt Ltd.
According to Konishi, Canon India expected 30 per cent sales growth this year, from Rs12.60 billion in 2010. He added the company would try to keep the 30 per cent benchmark to reach the $1 billion by 2015.
India's expanding middle class has sparked a growth in sales of electronics goods such as digital cameras. The demand for personal computers and printer sales is being driven by not only by corporates but by individuals too.