Last week Canon released their financials for Q3 of 2018, and it wasn't the best of quarters for the company. Canon claims that sales were lower than expected as consumers were waiting for Canon's full frame mirrorless announcement before purchasing other cameras and lenses.
Additionally, the successive announcements made by manufacturers, including Canon, of entering the full-frame mirrorless camera market has led to temporary restrained buying of advanced-amateur models. Compared to the same period last year, during which we launched two new models, our sales declined by 22.4% in the third quarter.
There are some positives, as the Canon EOS M50 continues to be a great seller for Canon and the EOS M lineup.
…… By introducing new products such as the EOS M50, which also realizes user-friendly operation, even for people that are just getting into photography, we continue to post solid results, successfully capturing first-time users of interchangeable-lens cameras.
…… In light of such circumstances, we decided to reduce our full-year sales projection from 5.5 million units to 5.1 million units. We also lowered our outlook for the market from 11.0 million units to 10.5 million units, mainly factoring in our revised outlook for the entry-class DSLR market. Although we lowered both projections, we expect our market share to continue rising thanks to strong growth in each region for such new products as the EOS M50.
All is not lost, as Canon seems to be quite confident about their place in both DSLRs and mirrorless cameras. We could see some aggressive pricing from Canon ahead of the Christmas buying season, and it could possibly start around Black Friday.
Responding to the needs of all users by equally treating mirrorless and DSLR models is central to our full-lineup strategy. Pro models on top, advanced-amateur models for users seeking high image quality, and entry-level models to expand our base, all underpinned by our wealth of lenses that meet a wide range of image capturing needs, are the source for our EOS system strength. Leveraging our lineup that has been further strengthened by the introduction of the EOS R, we will work to accelerate sales toward the year-end selling season. We will also continue to launch new products going forward, as well as focus on realizing the overwhelming No. 1 position also in the mirrorless camera segment.