Canon boosts investment in imaging business to tap China's consumer market

Japanese tech company Canon Inc will scale up investment in imaging business particularly in cameras to further tap the immense potential of China's consumer market, a senior company executive said.

"China's imaging market has shown very strong growth momentum this year, and this trend is expected to continue into next year and beyond," said Hideki Ozawa, executive vice-president of Canon, and president and CEO of Canon China.

He highlighted the immense consumption potential of China's Gen Z, with a population of about 300 million, and a similarly sized senior population of 300 million, both of which have shown enormous consumption potential for camera products, adding that he believes a golden age for the camera market will come again.

Canon Group's business mainly focuses on four segments, printing, imaging business, healthcare and industry. Despite global challenges, the company has maintained steady growth in both revenue and profit, Ozawa said.

Canon China's imaging business, especially cameras, has continued to rise steadily. On the business-to-business or B2B front, Ozawa said there are still opportunities, adding that if an opportunity arises in a specific niche market, they will invest decisively. Otherwise, they will save costs.

With the global camera market witnessing robust growth, young Chinese consumers are showing a rising demand for cameras, often sharing their photos or videos on social medial platforms.

To meet these evolving needs, the company recently launched its full-frame digital mirrorless camera tailored for both photo and video applications.