The camera market in India is likely to touch a value of Rs 5,000 crore per annum by 2025-26, up from Rs 3,000 crore now, a senior executive of Nikon India has said. The company is expecting a 17 per cent growth in its sales from Rs 765 crore during 2021-22 to Rs 900 crore during the current financial year.
“We will be able to touch Rs 900-crore market during the current financial year. Since the last two years were challenging, we have seen a 50 per cent growth during the last financial year and we are expecting to grow 10 per cent above the pre-Covid levels during the current financial year,” said Sajjan Kumar, managing director of Nikon India. The company said that the major drivers of growth during the current financial year are from professionals, content creators and also from the hobbies segment. It is targeting a Rs 1,000 crore mark by 2023-24.
Kumar added that Nikon India is importing its products mainly from Thailand and Japan and the company has no immediate plans to start a manufacturing unit in India as the market size is comparatively less in the region. In India, the total number of units sold per year is around 300K and the industry is growing at double digits now. “The size of the industry in terms of value is around Rs 3000 crore now. We are seeing a growth in double digits and it is expected to touch Rs 5,000 crore by 2025-26,” Kumar said.
Kumar added that going ahead more focus will be given on artificial intelligence and specification features in the product. “Consumers will be looking at more easy-to-use products. We are also seeing an increase in video content,” he added. Targeting the upcoming festive season, Nikon India has launched a campaign called “Yeh Diwali Nikon Wali,” providing customers offers and discounts ahead of the celebrations.