Canon eyes 10% revenue growth for printer unit
published : 12 May 2023 at 09:11
newspaper section: Business
writer: Suchit Leesa-nguansuk
Canon Marketing (Thailand), the local unit of the Japanese technology firm, is aiming for 10% revenue growth for its printer business this year while launching new laser printer models.
Thailand is a major growth market in Asia-Pacific for both inkjet and laser printers, ranked fourth-largest after India, Indonesia and the Philippines.
Thailand had total sales of 792,000 units for all brands, said Norihiro Katagiri, senior vice-president of Canon for the Singapore APAC headquarters.
"The Thai market is very price sensitive, with intense competition in the printer business," said Netnarin Chancharassuk, senior director for the consumer imaging information product group of Canon Marketing (Thailand).
The market is primed for buyers following the pandemic as there are several choices with supply chains ramping up, while prices have been maintained because of intense competition, she said.
In a challenging economy, the local printer market is projected to contract 5-10% from 2022 as consumers are price sensitive about printers priced at 5,000 baht and above.
Canon expanded its corporate and government users by introducing 13 new laser printer models.
"We hope to increase revenue from corporate accounts to 20% of printer revenue this year, up from 10% last year, while the revenue from the consumer segment is expected to decline to 80% from 90% last year," Ms Netnarin said.
Meanwhile, the company introduced a large format printer model at entry level price for the first time to cater to high demand in Thailand.
Moreover, it aims to maintain its market lead in the inkjet printer segment this year as in 2022, when it gained a 32% share, according to IT research house IDC.
The company introduced the "Mini Ink" printer that uses an authentic ink tank and saves cost per page to help consumers save money.
In addition, it launched a business ink printer for small and medium-sized enterprises (SMEs) and startups. In 2022 there were 72,480 new SMES, up from 58,000 in 2021.
Consumer printers still have high demand from hybrid learning, SMEs and startups.
Ms Netnarin said the firm's overall printer business is expected to account for up to 45% of total revenue locally in 2023, up from 38% last year.