Canon has been the leading camera brand in sales within the US for quite some time, but many people may not realize this due to the lack of buzz and conversation surrounding Canon cameras online. This is especially true when comparing it to brands like the Fujifilm X100 series or the well-known Sony RX100 VII, which is currently priced at $1,299.99 at Best Buy. In a presentation released alongside its yearly revenue results today, Canon acknowledged the growing popularity of compact cameras and has pledged to boost their production in the coming years.
Future Plans for Imaging
In terms of imaging, Canon has outlined plans to enhance sales of its full-frame cameras, particularly the EOS R1 and EOS R5 Mark II, while also aiming to broaden the market for RF lenses. Furthermore, they intend to ramp up the production of compact cameras, which are becoming increasingly favored by younger audiences. Their goal is to achieve an overall camera sales growth of 8.2%. For network cameras, they are targeting a sales growth of 14.5%, which they believe will outpace the market’s growth, ultimately aiming for a total growth of 10.6% for the entire Imaging Group, with sales exceeding 1 trillion yen.
Production Slowdown
Even though Canon produces some highly desired compact cameras, like the PowerShot G7 and G9, there seems to be a slowdown in both production and the release of these popular models. The G7 X III, for instance, is currently out of stock nearly everywhere. Recently, platforms like Instagram and TikTok have contributed to a notable rise in popularity for cameras such as the Fujifilm X100V and other similarly compact yet powerful options.
Increased Demand for PowerShot Series
During its presentation, Canon specifically highlighted the growing demand for the PowerShot G7 X Mark III, indicating its aim to boost camera sales by 8.4% “through increased production and supply.” This announcement follows a recent leak suggesting that a new Canon APS-C camera could be in the works, targeting competitors like the Fujifilm X100VI and the upcoming OM System OM-3, featuring a compact retro design along with impressive video capabilities.
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