Canon foresees India overtaking China
November 15, 2018
India’s capital, New Delhi.
The OEM has stated that it expects the Indian market to become the top performer in Asia by 2025, knocking China off top spot.
Business Standard reports that Canon is predicating double-digit growth on the subcontinent, within a sales turnover of $10 billion (€8.84 billion)s from its Asia marketing group in the next seven years.
This growth would see Asia overtake other regions, such as Japan, America, and Europe, according to the OEM. Other markets within the Asia region include those of Singapore, Korea, Malaysia, Indonesia, Thailand, Taiwan, Vietnam, and the Philippines.
In 2017, Canon India reported a sales growth of 11 percent, and is “aiming for a double-digit growth in 2018 as well,” according to Kazutada Kobayashi, President and CEO of the OEM’s Indian subsidiary. “For India, we have a 50 per cent contribution from B2B and B2C,” he added.
Hideki Ozawa, Canon’s Executive Vice President, said: “With Canon India continuing to grow at a double digit growth, we foresee Canon India becoming the number one contributor for CAMG (Canon Asia Marketing Group) by 2025.” CAMG presently contributes 25 percent of the OEM’s overall revenue.
“Currently, China and India are the top performing markets for us in Canon Asia Marketing Group. Canon China is the leader, with India at the number two spot,” Ozawa, who also serves as the President of CAMG and President and CEO of Canon China, continued.
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