Business OpportunitiesCanon India eyes 35% revenue growth in 2010
Imaging equipment maker Canon has targeted a 35 per cent revenue growth in Indian market this year, which will take the company"s total revenue to Rs 1,100 crore, a top official said today.
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Canon would primarily focus on the sale of compact and SLR cameras. It expects to generate around Rs 450 crore in 2010 from its camera portfolio as against Rs 300 crore last year.
"We expect to grow 35 per cent on a year-on-year basis. This will take our market share to 25 per cent by end-2010 from 20 per cent and revenues to around Rs 1,100 crore," Canon India Senior Vice-President Alok Bharadwaj said.
Last year, Canon"s India business grew by 27 per cent to Rs 840 crore as against a mere 7 per cent at Rs 665 crore in 2008.
With a view to push its expansion in the domestic market, Canon has hiked its marketing budget by 40 per cent this year and plans to investment Rs 55 crore for marketing.
According to Bharadwaj, Indian photography industry is likely to reach Rs 10,000 crore by 2015 from around Rs 1,400 crore last year. In the current year, the market size is expected to reach Rs 2,000 crore, he said.