The improvement of smartphone cameras is undermining Canon’s sales. The company will focus on areas such as security cameras, robot cameras and autonomous vehicle cameras.
Canon, one of the most important photography equipment manufacturers in the world, cannot cope with developing technologies. When the increasingly high quality smartphone cameras undermined sales, the decision was made to move to profitable areas.
Industrial areas have priority
In 2020, the Canon brand generated a total revenue of around $ 30 billion. Security cameras, medical equipment, organic electroluminescent panels and printing equipment production had a large share in the total revenue, while there was a 13 percent increase compared to last year.
Canon’s 85-year-old legendary boss Fujio Mitarai announced that they have decided to invest in industrial and medical fields in the next 5 years. These include robot cameras, autonomous vehicle cameras, night vision cameras. These areas are expected to account for 40-45 percent of total revenue in 2025. Total sales revenues will reach around 35-36 billion dollars.
Industrial areas were on the rise again in the 5-year financial plan between 2015-2020, but the declines experienced by the camera division prevented revenue from reaching expected levels. Sector analysis states that developments in smart phone cameras directly affect camera sales.