Canon reports strong camera sales in 2023

Japanese tech giant Canon has revealed impressive year-on-year growth in camera sales and other product sectors, according to its latest financial report. With a revenue increase of 3.7% from 2022, Canon’s full-year revenue for 2023 reached approximately 4.18 billion yen ($28.335 billion), accompanied by an 8.4% rise in net profit.

The revenue surge was driven by Canon’s four main business divisions: printing solutions, imaging, medical solutions, and industrial equipment/ other products. Printing solutions accounted for the majority, generating 2.346 trillion yen ($15.90 billion) and representing 56.1% of the brand’s overall revenue. Notable products include the innovative color digital printer image PRESS V1350.

In the imaging sector, Canon saw a revenue increase of 7.2%, totaling 861.6 billion yen ($5.81 billion). This growth was propelled by strong demand for new interchangeable lens digital cameras like the EOS R6 Mark II, EOS R8, and EOS R50, alongside network cameras catering to diverse applications.

Meanwhile, Canon’s medical business field experienced a revenue surge of 7.9%, reaching 553.8 billion yen ($3.75 billion). Demand for MRI equipment, X-ray equipment, and ultrasonic diagnostic equipment contributed to this growth, particularly in Japan and Europe.

In contrast, Canon’s industrial equipment division faced a slight decline, with revenue dropping by 4.4% to 314.7 billion yen ($2.13 billion). While power equipment demand remained robust, fluctuations in market investment impacted FPD exposure equipment sales. Despite challenges in the industrial equipment sector, Canon remains optimistic about its outlook for 2024, expecting continued growth driven by strong performances in printing, imaging, and medical solutions.