Chinese tourists take pictures of themselves with the Sydney Opera House in the background. (Photo : Reuters)
The potential boom in tourism and e-commerce in China and other countries is expected to increase camera sales to $10 billion by 2020, Japanese camera and printer maker Canon Inc. said Thursday, May 19.
"Asia will continue to be the growth center of the global economy, driven by a growing population and an expanding middle-income class in the mid-to-long term," Fujio Mitarai, chairman and CEO of Canon, said.
China Daily reported that the company earned about 867,200 million yen ($7.9 billion) in the Asia and Oceania region last year, excluding the revenue in Japan.
Hideki Ozawa, president of Canon Asia Marketing Group, considers China as one of Canon's most important markets, as he expects their sales to increase due to the country's vibrant tourism industry and the growing demand from small cities.
"We will further develop the markets in small cities through roadshows, so that more consumers can have first-hand experience of our products," Ozawa said.
The company also plans to expand its online retailing channels to provide consumers with faster and more convenient service.
Currently, about 30 percent of camera sales in China are attributed to e-commerce, an important business channel for Canon. The company plans to expand its e-commerce initiatives to other Asian countries.
But the widespread use of smartphones and the slow printing processes have caused the sales of digital cameras to decline, affecting the 79-year-old company as well rivals like Nikon Corp.
Although the camera market is dwindling, high-end products will continue with their steady growth, Zuo Yanque, brand director of industry watcher China Market Monitor Co. Ltd., said.
"China is the world's largest buyer of top-end single-lens reflex cameras," Zuo said. "Recent years have seen a growing demand from teenagers and senior citizens who have become big fans of photography. The tourism boom in China will also spur its growth."
Data from the China National Tourism Administration showed that more than 120 million Chinese traveled abroad in 2015, up by 12 percent year on year.
While trying to maintain its presence in the camera market, Canon is also looking at other sectors for growth.
"In the next five years, we will also focus on promoting medical equipment and security cameras in Asia. There is huge demand for these products," Ozawa said.
In a bid to enter the lucrative medical devices market, Canon has agreed to buy Toshiba Corp.'s medical equipment unit for 665.5 billion yen earlier this year.
