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Emerging markets good for Canon

July 26, 2017

Canon Inc is expecting to grow their sales from the Asian market to $10 billion (€8.5billion) by 2020.

Money Control explored Canon’s expectations and strategy for the Asian market and fast growing emerging markets. By 2020 Canon is looking for sales of $10 billion (€8.5billion) from the Chinese and Indian market and hopes for fast growing emerging markets.

For Canon, currently the Asian region (includes China, India, Australia, Singapore, Malaysia, Hong Kong etc) is adding 23-24 percent to the Global sales of the company from net sales of $29.32 billion (€25.17 billion) reported in 2016.

Hideki Ozawa President and CEO, Canon China told PTI that: “Contribution from Canon Asia is increasing… Eventually Asia would be the leading contributor.” He added: “In some products range such as cameras, Asian market has already exceeded Japan.”

Ozawa remarked that the Chinese market is quickest and largest growing within that region, but India, South Korea, Malaysia and others are following with Canon wishing India to firmly stand at number two and eventually become even with the Chinese market.

To achieve these targets, the article reports that Canon India is looking to expand its current mainly printers and imaging products business, into the medical imaging systems and security and surveillance camera products and increase their current Global contribution from the current 1.2 – 1.5 percent.

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