Canon Asia eyes USD 10 bn sales by 2020
Date: July 26, 2017
Source: Press Trust of India By Bengaluru
Japanese imaging and optical products major Canon Inc is eyeing a jump in sales to USD 10 billion from Asian markets, including China and India, by 2020.
“We are looking at USD 10 billion sales by 2020 from the Asia group,” Canon Inc Executive Vice President Hideki Ozawa told PTI.
Presently, the Asian marketing region is contributing around 23-24 per cent of the total global sales. In 2016, Canon Inc had reported net sales of USD 29.32 billion.
“Contribution from Canon Asia is increasing… Eventually Asia would be the leading contributor,” said Ozawa who is also President and CEO Canon China, adding it would beat Japan, which is presently its biggest market.
In some products range such as cameras, Asian market has already exceeded Japan, he said.
The Asia region includes markets like China, India, Singapore, Malaysia, Hongkong etc.
“China is the fastest growing market followed by India, South Korea, Malaysia and other markets. They are always competing with each other in a good way,” Ozawa said.
“We want India definitely to be at number two and eventually to catch up with China,” said Ozawa.
However, on being asked about the projected time frame in which Canon India would grow to be comparable with Canon China, he said the gap is huge and would take time.
“It’s going to take time but we are going to stay with India. We would keep watching and helping it. In terms of making Canon’s entire global and Asian business bigger, we can not afford to ignore India, China and emerging countries,” Ozawa said.
Canon India closed 2016 with revenues of Rs 2,348.6 crore.
“In the next three years, we are targetting Rs 3,500 crore business,” Canon India President and CEO Kazutada Kobayashi said.