India is the biggest frontier market for our company: Manabu Yamazaki, President and CEO, Canon India
With the evolving consumer demands, Canon India has identified various new business opportunities that it is rigorously building on, such as home printing solutions, medical business, new customer segments for cameras and manufacturing. office automation. “Despite the challenges of the pandemic, we have steadily grown to make our presence felt in all sectors of the country and have achieved better results than last year,” said Manabu Yamazaki, President and CEO from Canon India. “We see a huge opportunity for Canon India to potentially expand into this market at a rapid pace,” he told Sudhir Chowdhary in a recent interview. Extracts:
What is your vision for Canon in India? How do you see the brand’s growth in the country?
After settling into the new normal and understanding the revised strategies, we started the year 2021 with a goal of ‘reset and restart’, expanding our business through our strengths in existing divisions and broadening our horizons towards new avenues. In terms of the overall pattern, India is the biggest frontier market for our company as the country expects double-digit economic growth after the pandemic. Therefore, we see a huge opportunity for Canon India to potentially grow at a rapid rate. Our vision is to bring India-specific solutions that meet the changing needs of consumers and enable their growth in a more personalized approach.
There have been a lot of avenues that we have cultivated, and lately we have started to see a lot of potential in professional imaging devices in the film industry, which is a welcome initiative. The wedding industry is another segment where we see immense potential for growth, especially after the impact it has suffered after Covid-19.
In addition, as small businesses adapt to the new reality of business operations, they are also improving their investments to ensure maximum productivity and profitability. We help them with our reliable printing solutions tailored to their needs.
What potential business opportunities have Canon identified and what is your strategy to exploit them?
With changing consumer demands, we have identified various new business opportunities that we are rigorously relying on, such as home printing solutions, medical business, new customer segments for camera companies and bureautics. For example, there has been an increasing emphasis on the health sector in the country, with significant investments in medical technology. This will be an excellent opportunity for us to continue growing in our medical imaging business in the field of ophthalmic diagnostic imaging and diagnostic x-ray imaging. For our camera business, with the emergence of virtual classrooms, we have seen positive demand for our compact Canon PRO DV models. Additionally, we are seeing substantial growth in the OTT segment as well as for our cinematic product line including EOS C70, with OTT platforms becoming the new theaters.
What is Canon India’s business mix and how has it performed?
With both B2B and B2C segments contributing equally to our growth, we will continue to consider relevant business opportunities in each area. In the camera segment, we currently have over 50% market share in the global DILC category. Our interchangeable lens digital cameras (DSLRs and compact system cameras) have maintained the number 1 market share in the world for 18 consecutive years from 2003 to 2020.
Likewise, in the B2B sector, we have retained the No.1 market share in the overall laser copier market (A3 / A4 category), according to the latest data from IDC for the first quarter of 2021. We want to continue this curve growth and strengthen our presence. across business areas.
What are some of the emerging trends you foresee in camera and printing businesses?
In recent times, customer needs have evolved and we have started to see trends that match the new normal. For example, in our cameras business, there has been an increase in demand from content creators, vloggers, streaming media, and OTT production houses and the category is expected to grow significantly in the coming years. In this digital age, we are also seeing immense reach in Tier II and III markets, especially from regional content creators. Additionally, with the hybrid work environment becoming the norm, Wi-Fi enabled ink tank printers have become a staple in homes. This change in usage mode has further proliferated the growth of home printers with a 15-20% increase in demand compared to the pre-Covid years.