Market Trends of Digital Camera Industry
Mirrorless Holds Major Market Share
- Mirrorless digital cameras are cameras that do not include a reflex mirror (the major component of the DSLR that reflects the light up to the viewfinder) and an optical viewfinder. In these cameras, the imaging sensor is constantly exposed to light and gives users a preview of the image on the electronic viewfinder (EVF), which is a Liquid Crystal Display (LCD) screen on the back of the camera.
- The demand for mirrorless digital cameras is rapidly growing due to their compact and lightweight design, making them highly portable and appealing to photographers who prioritize mobility. Also, the advanced image processing capabilities of mirrorless cameras, coupled with high-resolution sensors, produce superior image quality.
- According to MPB GmbH, an authority on camera pricing, the adoption of mirror-less cameras has significantly influenced Average Purchase Values (APVs) in both the new and used camera markets. As consumers gravitate towards mirrorless cameras for their advanced features, the primary market witnessed a surge in APVs. This trend, fueled by the rising appeal of mirrorless models, also boosts the resale value and demand in the secondary market.
- The growing use of mirrorless cameras has increased innovations to make the devices more user-friendly. Furthermore, businesses have invested heavily in developing unique and improved products. For instance, Fujifilm claimed that the company expects the demand for mirrorless cameras to surpass DSLRs in the near future. The company also asserted that mirrorless cameras have already surpassed DSLRs in global markets, such as Europe and the United States. With these growth prospects, the demand for mirrorless cameras would likely grow throughout the forecast period.
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North America has the Major Market Share
- Asia-Pacific stands out for its innovative fusion of cutting-edge technology and time-honored expertise. Key industry players prioritize stringent production standards, with a pronounced emphasis on sustainability and energy efficiency. Notable companies, including Sony, Canon, and Nikon, are amplifying their regional presence through strategic initiatives. Furthermore, digital cameras are pivotal in the region, catering to professional photographers, videographers, and enthusiasts seeking superior specifications and enhanced image control.
- Furthermore, while Kodak and Fuji concentrated on film, Sony seized the opportunity to enter the camera market. Leveraging its electronics expertise, Sony crafted user-friendly digital cameras tailored for a younger, tech-savvy demographic. These cameras catered to photographers and anyone eager to capture moments sans the complexities of film. Through consistent enhancements in quality and ease of use, Sony captivated a broad audience and cultivated a base of loyal customers. As Sony ventured into the camera market, it drew on its vast expertise in electronics to develop innovative and technologically advanced cameras.
- Moreover, in February 2024, Canon Inc. announced that its interchangeable-lens digital cameras, encompassing both digital SLR and mirrorless variants, have dominated the global market for an impressive 21 consecutive years, from 2003 to 2023. In 2023, Canon not only led the demand for mirrorless cameras but also broadened its offerings with an expanded lineup of EOS R series cameras and lenses. This new lineup featured the EOS R50, launched in March 2023, boasting user-friendly functions in an APS-C size mirrorless design; the compact yet high-performing full-frame EOS R8, unveiled in April 2023; and the EOS R100, which made its debut in June 2023.
- Nikon reported that several camera companies have recently faced losses, leading some competitors to exit the photography business entirely. This trend is largely attributed to the meteoric rise of the smartphone market and the enhanced quality of smartphone cameras. However, Nikon highlighted that India, with its vast population, continues to show a robust demand for cameras, particularly in the professional wedding sector. According to IBEF, India witnesses approximately 10 million weddings annually, making its wedding industry the second largest globally, with an impressive annual expenditure of USD 130 billion. Such factors may enhance the market’s growth.
- The growing popularity of social media platforms, including YouTube, Instagram, and TikTok, has significantly fueled the rise of content creation, contributing to the market’s expansion. Influencers, vloggers, and content creators increasingly favor digital cameras over smartphones, valuing their superior image quality and video shooting flexibility. For example, in China, platforms like WeChat, Weibo, Douyin (TikTok), and Kuaishou have surged in popularity, drawing millions of users who actively create, share, and engage with diverse digital content. These dynamics are poised to propel the market’s growth substantially.
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