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Canon finds India an oasis

business Updated: Oct 06, 2009 22:39 IST
Ruchi Hajela
Ruchi Hajela
Hindustan Times
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Japanese major Canon is eyeing its revenues from Indian market to grow even as it is witnessing a decline in sales in some of its major markets such as Japan, United States and Europe.

The company that makes cameras, camcorders, printers and a host of peripherals competes with players like Hewlett Packard and Sony and is the second largest player after the two companies in the

printer and digital camera, respectively.

“We have a target to achieve Rs 1,000 crore from India by December 2010,” said Kensaku Konishi, president and chief executive officer at Canon India. “India is among the few markets where we are growing whereas sales are declining in some of our major markets like Japan, United States and Europe.” Canon India expects sales of Rs 800 crore in 2009.

The company has made forays into selling a combination of hardware and software services as the economic slowdown has hit hardware sales.

The digital camera market was estimated at 10 lakh units in 2008 of which Canon sold around 2.2 lakh units.

“Managed print services (installation and management of printing infrastructure) is growing and smaller towns are expected to drive demand for digital camera,” he said.

According to research firm Gartner, the total size of printer and copier category during January to June this year declined 12 per cent from the year ago period.

Canon was the only player that showed growth in this.