Japanese tech company Canon Inc is looking to further tap the immense potential of China’s consumption market and develop products that are tailor-made for local consumers in response to their evolving demands, said a senior company executive.
China serves as one of the most important markets in Canon’s global business layout, said Hideki Ozawa, executive vice-president of Canon, and president and CEO of Canon China, emphasizing that the company has set the goal of making Canon China number 1 in terms of sales within the whole group by 2035.
He said it is noteworthy that Chinese Generation Z consumers — those born between the late-1990s and the mid-2010s — are more willing to take pictures with cameras than previous generations, which presents enormous development potential for Canon.
Noting that Chinese Gen Z, with a population of about 300 million, will become the driving force of China’s consumer market in the future, Ozawa said Canon is developing products tailored to Gen Z’s aesthetic and usage habits, such as youth-focused mirrorless cameras and customized printing solutions, to attract more young consumers.
Ozawa said he is bullish on the prospects of China’s imaging sector, and the company will intensify efforts on research and development, and roll out more innovative products and services that meet the diverse and personalized needs of Chinese consumers.
China’s culture and tourism, and entertainment industries have witnessed a robust recovery, said Eiji Hirano, vice-president of Canon China. “Chinese consumers, especially the young generation, are showing a rising demand for cameras and aspiring to make their photos and videos more differentiated and personalized via sharing these works on social networks.”
The global shipment of cameras is seeing double-digit growth, with China registering the fastest growth rate among all countries, he said, adding that China’s camera market has recovered to the pre-COVID levels after experiencing the shock and challenges brought by the pandemic.