Quite a few market factors influence the face of this digital camera market. The main impetus is technical revolution. This continuing pursuit of ever better image quality, faster autofocus and more advanced features has required manufacturers to keep on investing in research and development. Developments in image sensor technology, processor capabilities and optics affect the evolution of digital cameras influencing consumer choices and demand.
Market factors such as consumer behavior and preferences play an extremely important role in the digital camera industry. Now that the world is closely knit, demand for cameras designed to fit nicely with a digital lifestyle is rising. Everyone now shares their experiences on social media platforms, or creates online content. For this reason, manufacturers are forced to make cameras with built-in Wi-Fi and Bluetooth capabilities as well as other forms of connection so that people may conveniently share their photos and videos online.
Another important factor is the competitive environment among camera makers. In order to compete, companies have no choice but to separate their products through innovation of features and functions. How manufacturers are adapting is apparent in the on-going changes from traditional digital single-lens reflex (DSLR) cameras to mirrorless alternatives. Moreover, competition not only spurs technological development but also forces companies to provide value for money in order to gain customers.
Another important market factor is the effect of smartphone cameras. As the photographic capabilities of smartphones have improved and because they are all-in-one devices, demand for entry-level pointandclick digital cameras has fallen. Nevertheless, this has spurred the makers of digital cameras to innovate and distinguish their own products. To meet the demand for higher performance and creative control among photography buffs, advanced high-end digital cameras with functions superior to those of smartphones are developed.
The changing composition of camera users is another factor shaping the market. Millennials and Generation Z, in particular, prefer compact simple-to-use devices that can produce high quality images or videos for use on online social media platforms. This change in the demographics forced manufacturers to build cameras with features that would be more attractive for a young, tech-savvy and visually oriented consumer.
Report Attribute/Metric | Details |
---|---|
Market Size Value In 2022 | USD 7.6 Billion |
Growth Rate | 5.3% (2022-2030) |
Digital Camera Market Size was valued at USD 7.2 billion in 2021. The Digital Camera market industry is projected to grow from USD 7.6 billion in 2022 to USD 11.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.3% during the forecast period (2022 - 2030) driven by the demand for lightweight cameras that can take high-resolution pictures quickly increasing.
FIGURE 1: Digital Camera Market 2018-2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
COVID-19 is to the 21st century what the Bubonic Plague was to the 5th century and the Black Death was to the 14th century - a pandemic that changed the destiny of the world. COVID-19 is a dangerous virus. Many people and all governments around the world realized this early on because of all of the deaths that the virus caused. It also left those people who recovered either vulnerable to contracting it again after a few months. People who recovered also developed serious long-term health problems like shortness of breath and diabetes.
Governments wanted to stop the spread of this virus by imposing lockdowns and quarantines. This forced many businesses in many industries to either drastically scale back production or temporarily halt production. The digital camera market would have been severely adversely affected were it not for the ingenuity of its manufacturers. They went online and started to offer free tutorials on how to use these cameras on various social media platforms. This was very successful since many people wanted to busy themselves during quarantine.
That notwithstanding, the digital camera market did suffer since more people were staying indoors and didn’t need to take as many pictures with their digital cameras. Production of these cameras dropped dramatically since demand dropped dramatically.
The rising usage of digital cameras in sports media is the key driver of the market. The stadium's high-speed and digital camera system allows viewers to witness slow-motion repeats in critical game conditions and improves accuracy while viewing. Similarly, high-resolution digital cameras aid in the capture of clean and crisp photographs and movies in animal, landscape, architecture, and studio photography. The emphasis on action photography has raised demand for small digital cameras such as GoPro. Furthermore, social media platforms such as Instagram have significantly enlarged the scope for photography, which is likely to drive the growth of the Digital Camera Market.
The market is divided into two categories based on product type: single reflex and non-reflex. Due to its cost-effectiveness over other types, a single reflex sector is likely to hold a significant portion of the market. Furthermore, such a digital camera allows users to efficiently install distinct controls for various camera functions such as exposure compensation, white balance, ISO, and so on. This will almost certainly fuel future segmental expansion.
The market is divided into two types of lenses: fixed lenses and interchangeable lenses. As a lens in such a camera can be swapped for another lens, the interchangeable lens sector is likely to hold the highest proportion of the global market. Furthermore, compared to other types, interchangeable-lens digital cameras provide customers a broader range of image taking possibilities. This will most likely fuel segmental growth.
September 2022: Canon U.S.A., Inc., a major producer of digital imaging solutions, announced the addition of a suite of products to its cinema and broadcast capabilities in response to consumer demand. Canon's latest 8K CINE-SERVO lens for a wide range of productions is the CINE-SERVO 15-120mm T2.95-3.95 EF/PL (CN8x15 IAS S); the EU-V3, a modular expansion unit for the EOS C500 Mark II and EOS C300 Mark III cameras; a Cinema EOS firmware update; and the DP-V2730i, a 27-inch 4K professional reference display that may seamlessly fit into workflows of broadcasters and filmmakers.
FIGURE 2: Digital Camera Market SHARE BY LENS TYPE 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global market is divided into two segments based on sensing technology: CCD and CMOS. Because CMOS lens-based cameras offer quicker processing speed and sensitivity than CCD cameras, the CMOS sector is expected to have a considerable market share. Furthermore, regular technological advancements in the design of CMOS lens-based digital cameras are expected to entice people to purchase such devices. As a result, the CMOS segment generates more money.
The global market is divided into two applications: personal and professional. Because of the high demand for superior digital cameras among film producers, the professional segment is likely to dominate the market. Furthermore, higher pricing for professional application purpose digital cameras results in increased revenue from this category.
Digital image cameras are frequently employed in the development of various medical devices such as microscopes and ophthalmological equipment. The health of patients may be easily tracked in hospitals using a computer program linked to the digital cameras embedded inside these devices. As a result, the utility of such medical gadgets grows. As a result, the European region's fastest growth is attributable to rising production values of various types of medical equipment in countries such as Germany, France, and Italy, which supports the region's consumption rate of digital cameras.
The Asia Pacific area has the highest share due to the large shipment volume of digital cameras in countries such as China and India, which supports revenue creation from such items in the region. According to the Camera & Imaging Products Association, the shipment volume of built-in digital cameras in China reached 3,87,800 units in 2018. Furthermore, strong government support for the development of film production hubs in India, Singapore, China, and other countries is likely to promote the region's demand for smart cameras for film applications. For example, Singapore's Infocomm Media Development Authority (IMDA) funded USD 14.7 million in December 2019 to develop film and television content across South East Asia.
FIGURE 3: Digital Camera Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The digital camera industry is extremely consolidated, with Japanese firms generally dominating. Nikon, Canon, Samsung, Fujifilm, Sony, and more major brands are represented. Consumer feedback is increasingly important in product development, with industry participants focused on giving consumers with the most features and benefits in a single gadget. This has resulted in increased R&D investments throughout the market. Brand reinforcement is another key competitive strategy employed through a glut of marketing and promotional activities.
The key players in the market have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
Panasonic Corporation
Canon Inc.
Sony Corporation
Nikon Corporation
Olympus Corporation
Fujifilm Holdings Corporation
Pentax
Leica Camera AG
Samsung Electronics
Red.com, LLC
Casio Computer Co., Ltd.
GoPro
SJCam
TAMRON Co. Ltd.
The Ricoh Company Ltd.
Panasonic Corporation:
Canon Inc.:
Single Reflex
Non-Reflex
Fixed Lens
Interchangeable Lens
CCD
CMOS
Personal
Professional
North America
Europe
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