Not content with its recent announcement that it had conquered the US camera market, Canon revealed its lofty plans to hit ¥1 trillion in sales (around $6.7 billion / £5.2 billion / AU$10.7 billion) and "establish an absolute position in the camera market".
Canon recently held a management policy briefing, setting out its initiatives for future growth in each of its business divisions – and it is clear that the imaging business will be a key engine in hitting aggressive sales and profitability targets.
Last year saw the camera division generate ¥937.4 billion ($6.3 billion / £4.9 billion / AU$10.0 billion) in sales, with 16.1% profitability, but the company's goals for 2025 are even loftier.
"We will achieve an overwhelming number one share of the mirrorless camera market," stated Go Takura, VP and general manager of Canon's Imaging Division.
Takura noted some specific market trends and development opportunities that Canon intends to target.
"The amateur market is seeing an increase in demand for easy-to-use equipment that produces high-quality videos and still images, for sharing on social media. Additionally, the increase in demand for cameras among young people is becoming apparent."
In case you can't read between the lines, that last line is alluding to the enormous appetite for compact cameras.
"In order to respond to these market changes, we will focus on attracting video-oriented customers ranging from professionals to the general public, gaining support from younger generations, and earning the absolute trust of professionals."
In particular he pledged to introduce new products "unique to the EOS R system", including more hybrid cameras and hybrid lenses, along with increased use of deep learning and AI technology.
"To further stimulate demand for cameras from young people, we will introduce products that allow users to easily shoot and share photos, videos, and live streams, enhancing their overall experience."
That means cameras like the recently announced Canon PowerShot V1, and more like it.
"We will also continue our efforts to gain the absolute trust of professionals. Not only in terms of product performance, but also in various professional sports events, we will provide top quality service and support with the aim of realizing zero downtime without stopping professional work."
Takura also doubled down on Canon's plans to expand into new imaging areas, including EOS VR (virtual reality), MReal (mixed reality), volumetric video and the ability to shoot 3D images without the need for special lenses.
With such lofty goals for the year ahead, I'm intrigued to see what Canon announces in the coming months…
You might also like…
Take a look at the best Canon cameras along with the best Canon lenses for DSLRs and the best Canon RF lenses for mirrorless.
