Canon has released their financial reports for Q3 of 2023. Things are looking pretty good for Canon, the camera segment saw growth of 4.9% over the same period in 2022. Canon also projects a year-over-year increase of 8.2% with an aggressive Q4 of 2023.
We expect 3 more lenses to be announced on November 2, 2023, so that will bring their lens total to 41 for the RF/RF-S mount.
The Canon EOS R6 Mark II, EOS R50 and EOS R100 helped with the growth in camera body sales.
The interchangeable lens camera market remains solid, with new products from each company stimulating demand. As a result, we expect the market to be 5.85 million units this year, which is slightly larger than last year.
In the third quarter, our sales of new products such as the EOS R6 Mark II, which was launched late last year, and the EOS R50 and EOS R100, the first entry-level models of our EOS R series, which were released in the first half of the fiscal year, increased steadily, and overall unit sales were almost at the same level as last year.
To meet the diverse needs of camera users and to attract new users, we have expanded our mirrorless camera lineup from full-frame to entry-level models. As for interchangeable lenses, we have already added 5 lenses this year and have increased the number of lenses to 38 so far. As a result, we are steadily increasing our share of the mirrorless market through synergy between the camera bodies and lenses.
As the market has recovered to a state where there is enough supply to meet demand, all competitors are gradually increasing sales investments. As a result, in the fourth quarter, which is the year-end selling season, we will increase sales volume with appropriate promotions and aim for 2.9 million units this year.
https://global.canon/en/ir/conference/pdf/conf2023q3e-note.pdf
Canon Q3 Financial Information
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SonNik fanboys extinguish themselves as Ex-Canon user : Bybye Canon. You are not making me buy new RF gears and force me to use EF lenses.
Internet trolls who don't go out to shoot: Canon shxxxy dynamic range, poor CLog3, not enough MP, no EV-/+5....Canon is DOOOMMMEEDD.
Me: Can Canon make more PMO lenses so it's cheap and reasonably good? If they make a PMO RF24-55/f2.8 non-IS priced similar to competitions' 3rd party 28-70/28-75. If so, my money is on Canon.
Canon are not doomed, no discounts...
OK, I'll buy an R 5II.
1) covid supply chain issues caused havoc with simple/cheap items causing bottlenecks for finished goods eg display driver chips for cars limiting sales. Forecasted sales and cancelled orders messed up big time then. Most Japanese suppliers have keiretsu/ just in time minimising pre-process inventory so overall production halted quickly. This should be mostly resolved now.
2) WiP should be low unless there is a long production cycle. Bodies especially should be low but maybe lenses have a long time with finishing/polishing of big expensive lens elements taking a lot of time. This could be an issue with a lot of new RF glass needing to work out production yield issues
3) Finished goods is tricky. There could be an excess of EF lenses from previous manufacturing runs and perhaps "last run" volume being higher than normal but these will decrease to zero over time now. Given the recent internet kerfuffel over discontinuation of EF-M then the internet echo chamber would be set to outrage if discontinuation of EF lenses were formally done before lots of new RF lenses (and maybe some 3rd party lenses).
There could be consignment stock where Canon owns the stock but located in local distributor/retailer. I suspect that this wouldn't be the case but could be wrong. Any stock within Canon locally (Canon Australia, Canon USA etc) would be recording in their financial figures.
Overall, a lot of new products (lenses in particular) are on backorder so they aren't the issue so I am guessing that there are either remaining component supply chain issues which Canon is happy to keep higher stock for the moment as they have been bitten before or perhaps production yield issues eg glass elements.
Not just brand new cameras...but Canon's 2nd hand market value is strong. M6 mk2 in Hong Kong's 2nd market is more expensive than Nikon Z30....(approx 700USD vs sub-600USD)
The products that usually depreciated held their value.
Canon actually raised prices and sold off existing inventory.
DSLR sales actually temporarily went up.
Can you give an example of depreciation? Are you referring to finished goods inventory (which is separate from the manufacturing process)? I am not aware of any Canon cameras that are depreciating in value unless you are referring to DLSR products which may need to be discounted for sale (marketing cost and not accounting depreciation/working capital). Changing exchange rates can affect the variable cost of products but generally isn't considered depreciation.