Canon India targeting 30% market share in 2014
Hyderabad: Leading digital imaging company Canon India is eyeing 30 percent market share in Inkjet business in 2014 up from 24 percent last year, a top company official said here on Wednesday.
The company today introduced 9 new inkjet printers with 6 Wifi models for home, office and professional users. The product line up also includes 2 new ink efficient printers with print cost of 99 paisa per print. With today?s launch Canon has range of 24 models with four ink efficient and 13 models with Wifi.
"In 2013, Canon had 24 percent market share (unit terms) .. We are targeting 30 percent market share in 2014. We are looking at multiple areas of intervention to get this market share," Canon India Executive Vice President Alok Bharadwaj told reporters.
With an aim to enhance appeal of inkjet printers for students, Canon also rolled out a brand new marketing campaign titled ?Super Student? and will reach 100 schools in 10 cities.
"We are connecting with students to build the market share. Our major target audience are going to be kids and students,? he said.
Canon India, a 100 percent subsidiary of Canon Singapore Pvt Ltd, achieved revenue of Rs 1,910 crore in 2013 and aims Rs 2,100 crore revenues in 2014 which indicates a 10 percent growth.
Inkjet business in India is Rs 1,000 crore industry with 12 lakh units and 84 percent of this market is home market.
Industry is flat for 3 years. However, in last six years, Canon?s Inkjet business grew by 222 percent, Bharadwaj said adding three important market forces are guiding the industry?smart devices, students and Wifi connectivity.
The company plans to invest Rs 120 crore in total advertising and promotions in 2014 which is 25 percent higher than last year, he added.