On December 22, 2024, Canon India CEO Toshiaki Nomura emphasized the significant opportunities in India for semiconductor lithography equipment, which is essential for chip fabrication. Canon is currently in negotiations with various chip manufacturers who are establishing facilities in India, aiming to capitalize on the country's growing semiconductor landscape. Nomura noted that India is becoming a key market for Canon, with expectations of double-digit growth in 2024. In fiscal 2023, Canon reported revenues of Rs 3,148.13 crore and a net profit of Rs 140.35 crore, reflecting the company's robust performance. [ee9558a4]
This initiative aligns with the broader trend of semiconductor expansion in Asia, particularly as companies like NXP Semiconductors and Vanguard International Semiconductor Corp (VIS) are also investing heavily in semiconductor production in Singapore. Their joint venture, valued at US$7.8 billion, aims to produce chips critical for automotive and consumer products, further highlighting the region's strategic importance in the global semiconductor supply chain. [2e7a53ec]
In addition to its semiconductor ambitions, Canon is focusing on expanding its presence in sectors such as healthcare and studio operations, particularly in tier II and III cities across India. This strategy is indicative of Canon's broader vision to diversify its business and tap into emerging markets within the country. [ee9558a4]
As the semiconductor industry continues to evolve amidst geopolitical tensions, companies are increasingly looking to India as a viable alternative for manufacturing and fabrication. This shift is driven by the need for self-sufficiency in semiconductor production, particularly in light of the US's push for independence from reliance on foreign chip supplies. [980aadae][ff2bc4eb]