Japanese camera giant Nikon Corporation today said it expects India's contribution to global revenue to grow to 5 per cent within next three years on account of increasing demand here.
Although the company is yet to announce its results for 2012-13, its wholly-owned subsidiary 'Nikon India Pvt ltd' is expected to clock a sales revenue of Rs 1,050 crore for the period.
"Indian camera market is growing even during the time of slowdown in economy and we hope to continue this trend in our sales also. We expect that India will contribute 5 per cent of our global revenue by March 2016," Nikon Corporation General Manager Marketing Headquarters, Imaging Company) Tetsuya Morimoto told PTI here.
For the fiscal 2012-13, India is likely to contribute 2 percent to the global sales turnover during last financial year, he added."The exact global numbers and India figures for the next three years will be forecast hen we will announce the three- year mid-term business plan in June or July this year," Morimoto said.
When asked if the company will consider setting up an assembly line in India, he said it will depend on demand for its products in future. At present, Nikon India imports all its products from its parent's three plants In Japan, Thailand and China.
Talking about its business in the country, Nikon India Managing Director Hiroshi Takashina said during last fiscal, the company has crossed the Rs 1,000 crore milestone in sales turnover for the first time here.
"We will achieve a figure of Rs 1,050 crore in our annual sales for last fiscal. It will be a growth of around 40 per cent from Rs 750 crore in 2011-12," he added.
Takashina further said the company hoped to increase its revenue to around Rs 1,150 crore during 2013-14 on the back of its new product range. The company today introduced a new range of 17 compact 'Coolpix' cameras, priced between Rs 4,990 and Rs 54,950.
"Currently we are enjoying 55 per cent market share in digital SlR segment, while it is 27 per cent in compact cameras. We are looking to maintain the same share in DSlR range, but aiming to increase the market share in the compact segment," Takashina said.
According to the company's estimates, the Indian market for the DSlR segment stands at 2.4 lakh units annually and it is 27 lakh units every year for compact cameras.
He said the DSlR segment is likely to grow to 3 lakh units, while compact camera arket is estimated to grow to around 30 lakh units in this fiscal. The company currently sells its products through 3,000 multi-brand outlets that will grow to 3,600 store by March 2014, Takashina added.