The camera market in India is likely to be worth Rs 5 billion a year by 2025-26, up from Rs 3 billion today, a senior Nikon India executive has said. The company expects a 17 per cent growth in its sales from Rs 765 crore during 2021-22 to Rs 900 crore during the current fiscal year.
“We will be able to touch the Rs 900 crore market during the current fiscal year. As the last two years were challenging, we have seen 50 percent growth over the last fiscal year and expect to grow 10 percent above pre-Covid levels over the current fiscal year,” said Sajjan Kumar, managing director from Nikon India. The company said that the main drivers of growth during the current fiscal year are professionals, content creators and also the hobby segment. It is targeting a mark of Rs 1,000 crore 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 size of the market is comparatively smaller in the region. In India, the total number of units sold per year is around 300K and the industry is growing in double digits now. “The size of the industry in terms of value is around Rs 3000 crore now. We are seeing double-digit growth and it is expected to reach Rs 5 billion by 2025-26,” Kumar said.
Kumar added that more attention will be paid to artificial intelligence and product specification features in the future. “Consumers will look for products that are easier to use. We are also seeing an increase in video content,” he added. Ahead of the upcoming festive season, Nikon India has launched a campaign called “Yeh Diwali Nikon Wali”, offering customers deals and discounts ahead of the celebrations.