Canon Targets Major Growth in India's Contribution to Asia's Revenue Pie by 2035

Canon plans to increase India's contribution to its Asia revenue by aiming for a 20-30% share by 2035. Senior executives highlight various strategies, including expanding product categories, bolstering the cybersecurity business, and considering local manufacturing. The company is also focusing on the Smart Cities mission and enhancing market penetration in tier-2 and tier-3 cities.

Electronics major Canon aims to increase India's contribution to its Asia revenue to over a fifth by 2035, a senior company official announced on Thursday.

The company is eager to boost sales across all business categories in India to elevate Asia as its top market globally by 2035, up from its current third or fourth position. Executive Vice President Hideki Ozawa shared these insights during a media briefing.

Responding to queries about business goals, Ozawa revealed that Canon aims for India to contribute 20-30% of Asia's revenue by 2035. However, he did not disclose current revenue figures from India.

Canon India's President and CEO, Manabu Yamazaki, noted its double-digit revenue growth over the past two years post-pandemic, with plans to maintain this trend.

Currently active in India's printing and imaging sectors, Canon is also eyeing the medical devices and semiconductor markets, providing crucial factory setup supplies.

Yamazaki mentioned the rapid growth of its cybersecurity and surveillance segment in India, citing the Smart Cities mission as a significant business opportunity due to the focus on digitization and connected cities.

When questioned about establishing a manufacturing base in India, company officials said a study is underway at their global HQ in Tokyo.

Ozawa urged the Indian government to offer more supportive policies and tax regulations to entice manufacturers like Canon to establish operations in India.

Interestingly, Ozawa observed that Indian consumers prefer purchasing goods made abroad, valuing spending efficiency over locality.

Yamazaki affirmed Canon's leading position in India's imaging space, thanks to its popular camera products, and aims to boost its printing market share to 35% within three years from the current 22-25%. Ozawa emphasized the strategy to expand channel coverage by deepening distribution in tier-2 and tier-3 cities, enhancing marketing, launching India-specific products, and leveraging semiconductor manufacturing activities in the country.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)