Canon presents excellent results for 1Q 2021. The company’s financial report shows a significant increase in profit due to strong sales of the EOS R5 and EOS R6 full-frame mirrorless cameras. Thus, Canon declares to further raising market share in the full-frame category. Read report’s highlights. 

Sales of EOS R5 and R6 are booming

Canon’s financial report for 1Q 2021, shows a more than 34% increase in camera sales. As Canon states: “For interchangeable-lens digital cameras, unit sales were above those of the same period of the previous year due to strong sales of the EOS R5 and EOS R6 full-frame mirrorless cameras”.

Even amid COVID

Canon states that: “Even amid continued restrictions on people’s movement, demand for cameras remains solid, supported by the need for the high-quality visual expression”. Also, Canon adds that: “We still expect the 2021 camera market to be up slightly or 5.8 million units. In the first quarter, revenue was significantly higher than last year, as sales remained strong, driven by the EOS R5 and EOS R6 which were launched in the second half of last year”. Additionally, according to the 1Q 2021 report, the synergy effect of having competitive camera bodies and expanding the Canon lineup of RF lenses, which command high margins, led to an increase in average selling prices. This, and the establishment of efficient online sales activities nurtured through COVID-19 is leading to an improvement in profitability. According to Canon: “For the full year, reflecting the situation surrounding sales in the first quarter, we not only raised our projection for camera unit sales by 100 thousand to 2.9 million but also raised our projection for revenue”.

Explore the Imaging segment for the deck below: 

For interchangeable-lens digital cameras, unit sales were above those of the same period of the previous year due to strong sales of the EOS R5 and EOS R6 full-frame mirrorless cameras. 

Canon

Canon EOS R3 is mentioned

Furthermore, the report emphasizes Canon’s business goal of its forthcoming EOS R3. “To further strengthen mirrorless camera lineup, in April we announced the development of a new model, the EOS R3, which is equipped with a backside illumination stacked CMOS sensor that achieves high-speed signal processing, which allows for a number of functional improvements such as continuous shooting performance. At the same time, we announced 3 new RF lenses, bringing the total to 22 and we will continue to enhance this lineup going forward”. Canon adds.

Summary

We can find Canon’s intentions in the last sentence of the Imaging segment of the report, which says:” By raising the appeal of the R series, we aim to further raising our market share in the full-frame category and increase sales”. That means that Canon will invest a solid amount of R&D in order to further strengthen its full-frame lineup. Regarding the forthcoming R3, we know that it won’t be a flagship. If that’s the case, then we might be expecting a new high-end model above it. BTW, the report didn’t mention the Cinema EOS cameras, so we don’t know if the Cinema EOS delivered, in regard to market share.

Product List

• Camera: Canon EOS R5. Price: $3,900 [maxbutton id=”1″ url=”https://adorama.rfvk.net/YgRRLB” ]
• Camera: Canon EOS R6. Price: $2,500 [maxbutton id=”1″ url=”https://adorama.rfvk.net/3PJ3PB” ]