New Delhi: Digital Imaging firm Canon on Tuesday said it will invest Rs55 crore in promoting digital cameras in India as it aims 25% market share in the segment this year.
“Canon already has 18% share in the domestic digital camera market and in the current year we are targeting a 25% market share,” Canon India Pvt Ltd president and CEO Kensaku Konishi told reporters here.
He said the company will invest Rs55 crore this year to promote its products specially digital cameras in the country.
“For achieving a 25% market share, we have to increase our camera sales by around 50% and for that we will not only focus on above the line marketing activities but also on below the line marketing platform for promoting products,” Konishi said.
Canon today launched 20 products, including -- 14 new models in digital camera range, three high quality lens, two camcorders and a professional digital SLR camera.
Canon has reported a revenue of Rs840 crore in 2009, and has fixed the target of achieving Rs1,100 crore turnover in the current year. However, after recording a 60% growth in its businesses in the first quarter of the current year, it has decided to revise its target to Rs1,200 turnover in 2010.
“As digital camera business contributes around 35% to our total turnover, we are expecting a sale of Rs450 crore in 2010 from digital cameras only,” Canon India senior vice-president Alok Bhardwaj said.
Bhardwaj said the total market for digital cameras in the country is around two million units per annum and the penetration of these products is just over 3%.
According to our estimates the total sales of digital cameras in the country is expected to go up to 10 million units by 2015 and that penetration of this product would also go to 10%, he said.