India remains one of the most important markets globally for Canon, where the Japanese multinational expects to maintain its double-digit growth trajectory, driven by a robust economy and rising demand. Canon Marketing Asia President & COO, Tiger Ishii, highlighted India as a “high potential” market for the company’s traditional product lines, including imaging and printers, as well as emerging verticals like commercial printing, medical devices, and semiconductors.
Speaking at a media roundtable on Wednesday, Ishii underscored India’s significance not only in Asia but also globally. “India will grow in the future, and we see significant scope here,” he said. Canon, a leading producer of lithography equipment, views India as a future hub for semiconductor manufacturing. “Semiconductors will be India’s future,” Ishii stated, noting the potential for Canon’s semiconductor business, particularly in lithography machines for chip production.
The Indian government’s push to establish a robust semiconductor manufacturing ecosystem aligns with Canon’s strategic interests. “We expect to play a key role in chip manufacturing in India, where the government is building an ecosystem to reduce import dependency,” Ishii added.
Canon India, which operates across segments like printers, commercial printers, multi-functional devices, digital cameras, DSLRs, mirrorless cameras, cinematic imaging products, and surveillance cameras, has been a standout performer in Canon Marketing Asia. According to Canon India President & CEO, Toshiaki Nomura, the company anticipates continued double-digit growth as it expands its presence and explores new business avenues in India.
“Factors such as fast GDP growth, rapid urbanization, and a growing middle class support our growth in India,” Nomura said. He emphasized Canon’s commitment to the Indian market, noting that the company will continue to offer cutting-edge technology products and services tailored to Indian consumers.
On Wednesday, Canon launched two new models in its EOS R series—Canon EOS R1 and Canon EOS R5 Mark II. The EOS R1, priced at ₹6.30 lakh, will be available from the end of November, while the EOS R5 Mark II, priced at ₹4.05 lakh, will be available starting August.
Canon India’s revenue from sales and services reached ₹3,148.13 crore in FY23, with a net profit of ₹140.35 crore, according to data from the business intelligence platform Tofler. The consumer information and imaging division contributed ₹1,865.88 crore, while the business information solutions segment, including multi-functional devices, faxes, and scanners, generated ₹1,282.25 crore. Canon India, a 100% sales and marketing subsidiary of Canon Inc. Japan, continues to be the top sales contributor in Canon Marketing Asia, excluding Canon China, since 2015.
