Canon Eyes India for Over a Fifth of Its Asia Revenue by 2035

Electronics giant Canon is setting ambitious targets to significantly boost India's contribution to its Asia revenue, aiming for a substantial increase by 2035. This strategic move was outlined by Hideki Ozawa, the company's executive vice president, during a press briefing. Canon is keen on enhancing sales across various business segments in India as part of its broader objective to position Asia as its leading market globally by 2035, moving up from its current rank.

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Ozawa highlighted the company's goal for India to account for 20-30% of its Asian revenues within the next two decades. Despite not disclosing current revenue figures from India, the optimism for growth is palpable within the company's leadership. Manabu Yamazaki, Canon India's president and CEO, reported a robust double-digit revenue growth in the past two years post-pandemic and expressed intentions to maintain this growth trajectory.

Canon's operational focus in India spans across printing and imaging sectors, with plans to expand into medical devices and semiconductors, supplying critical components for factory setups. The company also identifies significant growth potential in cybersecurity and surveillance, spurred by India's Smart Cities mission which emphasizes digitization and interconnected urban centers.

The possibility of establishing a manufacturing base in India was discussed, with ongoing evaluations at Canon's Tokyo headquarters. Ozawa called on the Indian government for more supportive policies and tax regulations to attract manufacturing investments from global firms like Canon. He also noted an interesting trend among Indian consumers who prioritize value over the local production of products, often opting for goods manufactured abroad.

In the competitive imaging market in India, Canon claims leadership thanks to its popular camera range. The company also aims to increase its market share in the printing sector from the current 22-25% to 35% within three years. Strategies for achieving these ambitious goals include expanding channel coverage, especially in tier-2 and tier-3 cities, enhancing marketing efforts, introducing products tailored for the Indian market, and leveraging semiconductor manufacturing developments in the country.

Canon's strategic focus on India underscores the country's growing importance as a key market in Asia. With plans to deepen its product offerings and capitalize on emerging business opportunities, Canon is poised to strengthen its presence and achieve its revenue targets in the region.