Canon seeks further growth in China

Apr. 23, 2009 (China Knowledge) - Canon Inc, the world's largest camera maker, aims to increase its camera sales in China by 20% despite the predicted decline of 3% to 4% in the whole market due to the economic downturn, said Tatsuo Yoshioka, vice-president of Canon China, China Daily reported on Wednesday.

Canon's business was affected by the global financial crisis and its profit tumbled 37% last year due to shrinking profit margins, a stronger yen and decreasing demand in mature markets, according to the report.

However, the camera maker said the Chinese market, where nearly two-thirds of families still do not own digital camera, could help partly offset losses in other markets. It also said there is still a huge space to grow in China.

Canon has recorded nearly 30% growth in China and become the country's biggest camera supplier. In the meantime, China is the company's third largest market after the U.S. and Japan.