Japanese camera maker Nikon announced setting up a wholly-owned subsidiary in India with an aim to garner a substantial share of domestic market and also cater to the Middle East region.
“As a part of our vision 2010 we hope to capture 45 per cent of Indian digital SLR market and 10 per cent of the Indian compact camera market. Our subsidiary in India will help consumer to get first hand experience,” Nikon India Managing Director Hidehiko Tanaka said.
Currently, Nikon has 3 per cent market share in the compact camera category and 18-20 per cent in the professional range in India.
He said the company would strengthen its dealership network, launch new products and enhance its service network in India to directly cater to the customers.
Besides serving Indian market, Nikon India will also manage large Middle East market comprising Saudi Arabia, UAE, Turkey, Iran, Bahrain, Israel, Oman, Qatar, and also Egypt.
According to industry estimates, the official market for compact cameras was estimated at seven lakh units in 2007, while it was 10,000 units for professional cameras. Both categories have been growing at a CAGR of 40 per cent in last three years and expected to maintain the growth momentum.
In its bid to establish a strong presence the company aims at doubling the current number of 300 dealers across the country in next three years.
“We would also increase the number of authorised service centres by 2010, up from five presently in Delhi, Gurgaon, Mumbai, Bangalore and Kolkata,” he said.
As a part of its marketing initiative, Nikon has tied up with Lakme fashion week for promoting its products and would focus on garnering larger market share with the help of other initiatives.