Canon India targets 35-40 percent growth for ICP division

NEW DELHI, INDIA: Canon India is targeting a growth of 35-40% for its Imaging Communication Products division (ICP) for 2009. The company is also betting big on Indian market for its latest range of new digital imaging products particularly Canon D-SLR, which company expects to be big hit among Indian consumers by 2009.

Speaking to CIOL, Shunichi Senda, Director, ICP, Canon India, said Canon India expected to continue its positive momentum in the country.

“We are targeting the ICP division to grow by 35-40% and we expect Canon new range of cameras to fuel this growth“, said Shenda.

Shenda added the Canon ICP division had contributed Rs. 160 crores to the Canon India overall revenues for 2007. The total revenues for Canon India stood at Rs 500 crores.

In 2007, Canon India overall had grown at 37% as compared to 2006 and company expects to end this year with growth rate of 40% and sales target of Rs. 700 crores. The ICP division which contributes 35 percent to Canon Indian revenues had grown by 50% last year.

The company had recently introduced new concept stores like the Image Lounge, an initiative to create a platform to showcase products and allow the consumers to walk in, touch, feel and try the Canon's consumer offerings.

Detailing the marketing strategy for of pushing Canon Cameras in India, Shenda added the company has large retail plans across the country and plans to expand its presence under flagship stores and retail chains which include national and city retail chains

Shenda also added that the company will be pushing aggressively its its digital range of cameras particularly Canon D-SLR in the country.

“Digital cameras is Canon’s strength and in D-SLR Canon has a dominant share of over 50%. In 2009, Canon will focus on getting D-SLR into consumer homes and families,”, Shenda said.

Detailing on the USP for Canon products in the country, Shenda added Canon prided itself in having full range of products and and also giving end to end solutions to consumers rather than playing on only one side of the plane.

“We have cameras right from entry level right up to high end professionals. And Right from input to the final output, Canon has range of products which help customers get bets value for price. We provide end to end solution right from clicking pictures to printing them on our products,” added Shenda,

On the latest trends in digital camera market, Shenda added the market for digital cameras in developed countries was reaching saturation and emerging economies like India was seeing huge growth for digital cameras

Shenda added that though the penetration for Canon SLR cameras in India was low, the compnay expected  it to grow in next few years.

Shenda also explained that Canon global on average would spend 10% of its revenues for research and development of new products across all divisions.