Canon Inc. has released its financials for 2020 and it looks like they exceeded expectations, even if only slightly. Canon's imaging segment saw a 49% rise in its operating income over 2019. What's more impressive that sales in the segment were down 25% year-over-year, likely due to the pandemic and manufacturing challenges.
Canon is quite confident about 2021 and the RF system, both for camera bodies and RF lenses. They project a 5% growth in imaging systems in 2021.
The demand for the Canon EOS R5 and Canon EOS R6 really drove sales for Canon in the 2nd half of 2020, both of which greatly exceeded Canon's sales projections. Both cameras will likely continue to be hot sellers in 2021.
There is more EOS R goodness coming in 2021 that will further strengthen Canon's market share in the full-frame mirrorless space.
Canon's 2021 outlook for imaging systems:
In 2020, the inkjet printer market grew, driven by working and learning from home in regions and countries such as Europe, the United States and China. In line with this trend, our sales increased as well, thanks to sales growth of both hardware and consumables.
As for the market in 2021, we expect demand resulting from working and learning from home to continue, particularly in developed countries. Furthermore, thanks to growth in refillable ink tank models in emerging markets, we expect overall sales to be solid in 2021.
Under these conditions, we will leverage our strength of having a balanced lineup that includes both cartridge and refillable ink tank models, as we work to capture printing demand from the home to office in both developed countries and emerging markets.
Especially for refillable ink tank models where we took steps to further strengthen competitiveness, in the new products that we launched in the fourth quarter of last year, we improved print speed and lowered running cost. On top of this, we made it possible for users to independently replace some parts that wear out. By deploying products that raise the convenience of users in this way, we are strengthening our lineup and will aim to achieve our second consecutive year of sales growth by growing unit sales.
You can download the full financial report at the Canon Investor relations site here.