Canon India, under the leadership of Toshiaki Nomura, is gearing up for substantial growth, leveraging India’s burgeoning opportunities in semiconductor manufacturing, diagnostic equipment, and surveillance technology. The company’s president and CEO is optimistic about the nation’s potential to emerge as a significant player in semiconductor production in the coming years, driven by government initiatives and robust infrastructure development.
India’s Semiconductor Aspirations and Canon’s Role
Toshiaki Nomura expressed confidence in the Indian government’s efforts to establish the country as a hub for semiconductor manufacturing. Canon, known for producing equipment essential for chipmaking, sees itself as an integral part of India’s semiconductor journey.
“India’s government is taking strong initiatives, and the infrastructure setup is progressing. I am confident the semiconductor space here will take off within a few years,” said Nomura. With Canon’s expertise in this segment, the company is poised to align its growth with India’s aspirations to enter the global semiconductor market.
Diversifying into Diagnostics and Surveillance
Beyond semiconductors, Canon is making strides in India’s medical diagnostics sector by introducing X-Ray, MRI, CT scan, and ultrasound equipment. Nomura highlighted the increasing demand for high-quality diagnostic tools in India, driven by rising incomes and expanding healthcare infrastructure.
Additionally, Canon is witnessing rapid growth in the surveillance market, projecting a 10-fold increase by 2026. Approximately 60% of this growth is expected to come from the IT/ITes sector, followed by manufacturing, government, and warehousing. “India has become our biggest attention market,” Nomura noted, attributing this to the country’s economic growth and expanding customer base.
Core Business Growth and Challenges in Tier-2 and Tier-3 Cities
Canon’s traditional businesses, including cameras and printers, continue to perform strongly, with near double-digit growth expected this year. In the Consumer Printers segment alone, the company anticipates a twofold increase over 2023 figures. Its dominance in the Laser Copier Market, with a 30.69% market share since 2016, underscores Canon’s established position in sectors such as IT, manufacturing, aviation, government, and small to medium-sized businesses (SMBs).
However, Nomura acknowledged the challenges of penetrating Tier-2, Tier-3, and Tier-4 cities. “Our service network is broad, but there is still a gap in sales coverage in smaller cities. As demand grows from these regions, we are engaging with partners to strengthen our channels,” he said. The company is also adapting its strategies to cater to the unique needs of Indian customers in these areas.
Customer-Centric Approach: The “Product for India” Concept
Canon’s approach to innovation is deeply influenced by its understanding of Indian customers’ creative and resourceful use of products. Nomura revealed that Canon regularly brings engineers from Japan to observe how Indian consumers utilize their products in unconventional ways. “Our people never imagined such uses for printers. Indians are incredibly innovative in maximizing a product’s potential,” he remarked.
This adaptability has led to the development of products tailored specifically for the Indian market, a concept Nomura calls “product for India.” The company’s commitment to understanding and addressing local needs underscores its focus on becoming a key player in India’s growth story.
Vision for the Future
As Canon continues to expand its footprint in India, the company is positioning itself to capitalize on opportunities across diverse sectors. From driving innovation in semiconductor manufacturing to addressing the growing demand for diagnostic tools and surveillance systems, Canon is aligning its strategies with India’s developmental trajectory.
With the Indian economy on the rise and increasing demand from smaller cities, Canon India’s focus on customer-centric innovation and local engagement is expected to strengthen its market position further. “India is one of the most important markets for us from a growth perspective, and we are committed to understanding and meeting the needs of Indian customers,” concluded Nomura.
As the country inches closer to realizing its semiconductor dreams and strengthens its position as a global economic powerhouse, Canon India aims to be at the forefront, contributing to and benefiting from this remarkable transformation