Seoul: Samsung Electronics Co. Ltd’s camera-making affiliate aims to increase market share in its stronghold compact cameras and is banking on a hybrid model for growth, its chief executive said on Tuesday.
In cameras South Korean technology giant Samsung competes with better known Japanese brands such as Canon Inc, Sony Corp. and Nikon.
The global digital camera market was hit by the worldwide downturn last year, suffering a 7% fall in volume to 129 million units, according to Samsung. Revenue also dropped about 20% to $30 billion in 2009 amid competition and falling prices.
Samsung Digital Imaging aims to claim 15% of the global compact camera market by the end of 2010, CEO Park Sang-jin told a news conference.
The company had about 12% of the global compact camera market in 2009, up from 10.8% in 2008. Park declined to give a revenue target or other forecasts.
He was speaking at the launching of Samsung’s new camera NX10, which features a compact body and exchangeable lenses.
Samsung is pinning hopes on the new model, expecting the global market for such hybrid cameras to reach 1 million in 2010 and 5 million in 2012.
Analysts say in the long term Samsung’s outlook depends on entering the digital single lens reflex (DSLR) camera market, a small but a faster-growing and more profitable segment than compact cameras.
Samsung Electronics is set to absorb Samsung Digital Imaging this year to improve management efficiency.