Indian camera market to touch Rs 5,000 crore by 2025-26: Nikon India

The camera market in India is likely to touch Rs 5,000 crore annually by 2025-26, up from Rs 3,000 crore at present, a Nikon India executive said. The company expects a 17 percent growth in its revenue from Rs 765 crore during 2021-22 to Rs 900 crore during the current financial year.

“During the current financial year, we will be able to touch a market of Rs 900 crore. As the last two years have been challenging, we have seen 50 per cent growth during the last financial year and expect to grow 10 per cent over pre-Covid levels during the current financial year,” said Sajjan Kumar, Managing Director, Nikon India. The company said the main drivers of growth during the current financial year are professionals, content creators and also the hobby segment. It is targeting Rs 1,000 crore by 2023-24.

Kumar added that Nikon India mainly imports its products from Thailand and Japan and the company has no immediate plans to start manufacturing in India as the market size is relatively smaller in the region. In India, the total number of units sold per year is around 300,000 and the industry is now growing in double digits. “The size of the industry in terms of value is now around Rs 3,000 crore. We are seeing double-digit growth and it is expected to touch Rs 5,000 crore by 2025-26,” Kumar said.

Kumar added that going forward, there will be more emphasis on artificial intelligence and specification features in the product. “Consumers will look for products that are easy to use. We are also seeing an increase in video content,” he added. Focusing on the upcoming festive season, Nikon India has launched a campaign called ‘Yeh Diwali Nikon Wali’ to provide customers with offers and discounts ahead of the celebrations.