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India
is targeting a 50% growth in revenues in 2012 and plans to reach
Rs
2,280 crore in revenue by year-end. It ended 2011 with a revenue
of
Rs 1,525 crore. The camera business (imaging division)
contributed Rs
650 crore to the kitty and is expected to grow by 100% next
year.
While currently Canon India contributes 1% to Canon revenues
globally, it is expected to account for 5% by 2015. The numbers
look
imminently achievable considering it has been growing at 32%
CAGR
over the last five years.
The
imaging
business growth has been boosted by the recent launch of six
Wi-Fi
cameras during the CP+ photo exhibition in Yokohama in Japan.
Canon
was the first company to launch Wi-Fi cameras including two
digital
compact cameras-XS 510HS and XS 240HS-as well as four digital
camcorders including Legria HF R38, HF R36, HF M52 and HF M56.
With
mobile
phone vendors incorporating increasingly powerful cameras in the
phones targeting the youth looking to click photos and instantly
sharing them through social networking sites, Canon's launch of
Wi-Fi
cameras assumes special significance. Little wonder therefore
that
Canon's marketing strategy for this new range of Wi-Fi cameras
would
be based on the philosophy of 'Shooting, viewing and linking”.
During
2011,
while compact cameras accounted for 60% of its imaging business
revenues, the rest came from SLRs. With 45% market share, Canon
is
currently the # 2 in digital SLR cameras behind Nikon and with
16%
market share the #3 in digital compact cameras behind Sony and
Nikon.
Currently,
Canon has 50 exclusive retail stores across 32 cities which it
plans
to increase to 110 stores by end of 2012 and finally 300 stores
by
2014, when it hopes to accrue one-third of its total revenue
from
these stores. It has its own service centers in 12 cities and
authorized collection points in 88 cities. While its own retail
stores are doing business worth Rs 25 lakh per moth, it does Rs
100
crore worth business from the LFRs.