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Canon Financial Results 2021 Published – Company Doing Well, Expects Growth In Profits

Canon Financial Results

Canon published the financial results for 2021. Not only Canon is doing well, they also expect a growth in profits.

The imaging sector is also doing rather good.

In 2020, cameras, which are a core component of the imaging group, saw significant decline in unit sales due to the impact of COVID-19. As a result, we posted a temporary decline in the profitability of this group. However, profitability recovered to a normal double-digit level in 2021.

Cameras are not the only component of our imaging business. It also covers a wider range of businesses, including the input of visual information using lenses and sensors, and also the provision of solutions utilizing this input. In order to further expand our business in the future, we will not only expand sales of network cameras, but also leverage the optical technology we have cultivated over the years and actively invest in the development of new businesses such as automotive sensors and XR.

As for camera demand, despite concerns that it would shrink significantly due to the pandemic, demand remained relatively strong. This reflects a number of factors, including an increase in the number of people using their extra leisure time to capture videos and photos in the home and disseminating them online, and the impact made by new full-frame mirrorless cameras released by each company.

As for the size of the market in 2021, although it shrank by 200 thousand units, due to the insufficient supply of products by each company, it was still 5.4 million units.

Our unit sales in 2021 totaled 2.74 million units, 20 thousand units fewer than in 2020, also due to the insufficient supply of products, particularly entry-class cameras. However, for the EOS R5 and EOS R6, sales volumes and price levels remained stable, despite them being in the market for more than a year. Additionally, unit sales of our RF lens lineup, which was expanded to 26 lenses through the addition of 8 new products, increased substantially, thanks to their synergy with cameras.

We have been expanding our core product lineup by increasing the number of highly profitable EOS R systems over the years. As a result, the sustained profitability of the camera business has increased significantly, resulting in an overall 25% increase in camera sales and a significant improvement in profitability in 2021.

In 2022, the size of the camera market is expected to be 5.65 million units, a 5% increase over 2021, which takes into account thecarryover from 2021 due to supply shortages.

In order to capture the growing need for high-quality image expression, we will continue to further strengthen the cameras and the RF lenses of the EOS R system.

Earlier this month, we introduced the EOS R5 C, a hybrid cinema camera, to further capture growing demand for video. The EOS R5 C is an easy to carry around compact and lightweight model that offers further enhancement in video performance over the EOS R5, enabling long-time shooting of high-quality images at 8K and 60 frames per second.

As for RF lenses, we will work to increase unit sales of our lineup, which currently consists of 26 models, through further synergy with cameras.

All financial results are available for download here.

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