With an aim to earn a sizeable share of domestic market and also cater to the Middle East region, Japanese camera maker Nikon has announced setting up of a wholly owned subsidiary in the country.
“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 consumers to get a firsthand experience,” Nikon India managing director Hidehiko Tanaka said in a statement.
To strengthen its presence in the country, the company will double the current number of 300 dealers and will also open a chain of authorised service centres across the country.
Besides the Indian market, Nikon India will also serve the large Middle East market comprising Saudi Arabia, UAE, Turkey, Iran, Bahrain, Israel, Oman, Qatar, and also Egypt.
Currently, Nikon has three per cent market share in the compact camera category and 18-20 per cent in the professional range in India.
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 are expected to grow at a similar rate.