Canon Returns to the Chinese Market: Targeting Young and Elderly Consumers, VR Becomes a New Growth Point

Tech 2024-08-02 17:54:30 Source: Network

Canon Returns to the Chinese Market: Targeting Young and Elderly Consumers, VR Becomes a New Growth PointChina's camera market has been booming in recent years, with a growth of about 25% in 2023, and mirrorless cameras saw an even stronger growth of 31%. Amidst this market trend, Hideki Ozawa, Chairman and CEO of Canon (China) Co

Canon Returns to the Chinese Market: Targeting Young and Elderly Consumers, VR Becomes a New Growth Point

China's camera market has been booming in recent years, with a growth of about 25% in 2023, and mirrorless cameras saw an even stronger growth of 31%. Amidst this market trend, Hideki Ozawa, Chairman and CEO of Canon (China) Co., Ltd., expressed his confidence in Canon's camera business in China during an interview with reporters. He believes that the Chinese camera market will reach a new peak of growth driven by both young consumers and the elderly.

Ozawa specifically emphasized the significant driving force of young consumers for the camera market. He pointed out that China's Gen Z (born between 1995 and 2009) and millennials exceed 300 million, and they are becoming the new main force in the camera market. In the past, these young people were accustomed to taking pictures with their phones and sharing them on social media. However, as competition on social networks intensifies, they are pursuing higher quality photos and videos. Interchangeable lens cameras, with their unique shooting effects and rich features, have become the best choice for them to achieve this.

"We are observing that more and more young people are visiting Canon stores. They are not only concerned about the performance of cameras but also focus on how to take photos with a certain aesthetic quality and gain more attention and likes on social media," Ozawa stated. He believes this trend has not only driven the popularity of high-end products like mirrorless cameras but also prompted camera manufacturers to constantly upgrade their product innovation and services to meet the diverse needs of young consumers.

In addition to the younger demographic, the elderly population has also become an undeniable growth point for the camera market. Ozawa believes that they have ample time and a certain economic foundation, and they are passionate about hobbies like photography. While taking care of their grandchildren, the elderly enjoy recording their lives, taking pictures of landscapes, and experiencing the fun and sense of accomplishment that photography brings.

To meet the needs of different consumer groups, Canon has been continuously innovating in product development. On July 18th, Canon (China) Co., Ltd. launched the EOS R system flagship full-frame mirrorless camera EOS R1 and the EOS R system new generation full-frame mirrorless camera EOS R5 Mark II. These two cameras feature the most powerful new imaging system in EOS history, which includes a newly developed full-frame backside-illuminated stacked CMOS image sensor and DIGIC X digital imaging processor, as well as the debut of the new DIGIC Accelerator. These three core components together form the new imaging system of the EOS R1the Accelerated Capture system.

Eiji Hirano, Vice President of Canon (China) Co., Ltd., stated that Canon always considers how to incorporate the latest technology into its products and meet user needs when developing new products. The EOS R1 is ideal for shooting sporting events, while the EOS R5 Mark II is an upgrade based on the EOS R5 released four years ago.

Beyond the traditional camera market, Canon is also actively deploying its strategy in the VR market. Ozawa stated that Canon places great importance on the VR market and has launched a series of VR products such as the EOS R5 Mark II and EOS C400. He believes that these products can lower the threshold for the VR market, allowing more people to experience the fun VR brings.

Kaiyu Li, Deputy General Manager of Projects at Canon (China) Co., Ltd., also revealed that Canon is actively cooperating with brands like PICO to promote the development of the VR market.

In conclusion, Canon is actively adapting to the new changes in China's camera market and launching diverse products based on the needs of different consumer groups. Through forward-looking innovation and strategic layout, Canon is poised to achieve further success in the Chinese market.

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