Nikon India managing director Sajjan Kumar said that the professional camera market is also expanding at a rate of 20%.
According to a corporate official, imaging equipment leader Nikon India expects to generate Rs 900 crore in revenue this fiscal year thanks to a strong sales rebound caused by the declining COVID-19 pandemic. According to him, the company intends to reach $1 billion in sales by the 2023–24 fiscal year (FY24). The business hasn't raised the prices of its products despite pressure on the margin and supply chain from growing costs, according to Nikon India managing director Sajjan Kumar, in an effort to keep holiday season sales brisk.
According to him, the holiday period from Onam to Diwali accounts for between 32 and 35 per cent of the company's annual income. "With the robust recovery, we are going to surpass the pre-COVID level sales this year. We expect Rs 900 crore turnover in FY'23 and will exceed the Rs 1,000-crore mark in FY'24," Kumar said in an interview.
The camera market is estimated at Rs 3,000 crore per annum, he said, adding that products for social media content creators and professionals are the growth drivers. The product that caters to content creators for social media and bloggers is growing at 45 per cent in the entry-to-mid-range segment, the company official said.
This segment accounts for around 25 per cent of the imaging sector in value terms. We have a strong product for this category with Nikon Z 30, which is a game-changing camera," Kumar said. He claimed that the professional camera market is also expanding at a rate of 20%. Although there are certain difficulties in the supply chain, he claimed that they are steadily fading.
Most of the things the company buys come from Bangkok and Japan. The camera manufacturer declared that it would deepen its presence in India. There are currently 145 experience zones and shop-in-shops spread out across the nation. Approximately 18% of the nation's sales are generated in the east. He stated that Nikon is developing a Durga Puja-focused campaign to increase sales.