Nikon India's 2024 Growth Strategy: Expanding Imaging and Healthcare Sectors

Nikon India expects significant growth in the current fiscal year, aiming to expand its imaging and healthcare businesses. With India contributing 6% to Nikon's global imaging revenue, the company also plans to grow its healthcare vertical. Nikon foresees a 10% revenue increase, targeting Rs 1,060 crore.

Nikon India is anticipating robust double-digit growth in the current fiscal year as it seeks to expand its imaging business with new launches and broader market outreach, top officials disclosed on Thursday.

India currently contributes about 6% to Nikon's global imaging revenue, according to Managing Director Sajjan Kumar.

In addition to imaging, Nikon is scaling its healthcare segment, which presently accounts for 5% of its Indian operations, Kumar stated.

The company reported a revenue of Rs 965 crore for the financial year 2024 and is aiming for Rs 1,060 crore in the current financial year, indicating a 10% growth.

India ranks as the fourth-largest market for Nikon's imaging products globally, following the US, China, and Japan.

"We contribute nearly 6% to the worldwide turnover in imaging," Kumar noted, adding, "we rank number three for full-frame cameras and number four overall globally."

Kumar highlighted that government investments in healthcare present growth opportunities for Nikon's healthcare business.

"Given the government's focus, we expect accelerated growth in this segment," he remarked. The company is also exploring entry into ophthalmic and eye care solutions.

Keizo Fujii, Managing Director of Nikon Singapore, pointed out that India's potential could place it among Nikon's top three markets soon, driven by economic growth and a young population.

"India's market is growing at an unprecedented speed," he said, noting Nikon's high expectations for its performance and the imaging sector.

The wedding industry significantly influences India's imaging market, Fujii added. Nikon, a wholly-owned subsidiary of Japan-based Nikon Corporation, is enhancing its pan-India presence and customer service quality. The company recently launched the Z6III model, priced at Rs 2.48 lakh, featuring advanced autofocus, rich video capabilities, and high-speed still image capture.

Nikon competes with Canon, Sony, Fujifilm, and Panasonic in the Indian market.

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