Digital cameras are consumer electronic devices that record images in digital form. Digital cameras gained popularity at the beginning of the new millennium and soon became one of the most coveted consumer electronic products in the era of digitization. Japanese manufacturers like Canon, Nikon and Sony ruled the roost with their superior products and quality assurance. However, they received a setback owing to the global economic crisis that began in 2007.
For Market Research Report on “Digital Camera Market ” Visit –
As the economy recovered, so did the demand for digital cameras. Growing disposable incomes, availability of photo editing and manipulating software like Adobe Photoshop, technological advancements and widespread popularity of social networking platforms have aided the growth of the digital camera industry. Most demand came from developed regions like North America and Europe.
Digital cameras can be categorized into built-in lens camera and interchangeable lens cameras. Interchangeable lens cameras are further divided into Digital Single Lens Reflex (DSLR) cameras and non-reflex cameras. Built-in lens cameras made up more than 75% of total shipments in 2012. However, growing penetration of smartphones that can capture pictures and also perform various diverse functions will prove to be a challenge for market growth of compact point and shoot cameras. Moreover, internet availability on smartphones makes uploading of photos on social networking sites extremely convenient and swift. Thus smartphones are foreseen to be the single-most deterrent of rise in global digital camera sales.
High-end premium digital cameras like the DSLRs are faring better than other product segments, especially in developed regions, owing to their superior quality as compared to smartphone cameras. They also offer ease of use and are being priced lower than before. DSLRs made up close to 18% of total shipments in 2012. Interchangeable lenses offer advantages like compact size, convenience and efficient performance. This will drive demand for both, DSLRs and mirrorless cameras, particularly in developed countries in future. However, attempts by top smartphone makers to better their camera modules through higher resolutions, among other features, pose a significant threat to growth.
Products with enhanced technology like touch screen, higher zoom range, HD-video recording, wireless connectivity, etc. are expected to fuel market growth owing to demand from professional photographers and photo enthusiasts for exceptional quality. Manufacturers therefore aim to develop innovative products that can be differentiated based on additional features and technology.
The former key markets of North America and Europe, particularly US, Germany, UK and France have reached saturation, leading to a steady decline in first-time purchases of digital cameras in the recent past. The European debt crisis also led to a drop in demand for non-essentials like digital cameras. US accounted for more than 80% of total shipments in North America in 2012. In the same year, Germany contributed more than 8 million units to the total sales volume in Europe. In the coming years, most demand for digital cameras in North America and Europe will be in the form of replacement of existing compact cameras with the latest, technologically advanced premium options.
The largest demand for digital cameras, in future, will originate from the Asia Pacific region. With more than 30% of global shipments in 2012, this market has witnessed considerable growth in the past ten years. Growing income levels and presence of untapped consumer segments in nations like China and India will prove beneficial to demand in Asia Pacific in future. Also, emerging Latin American economies like Brazil will contribute to rapid growth in ROW.
The global digital camera industry is characterized by consolidation, with the key players based in Japan. Dominant industry participants include Canon Corporation, Sony Corporation, Nikon, Hewlett Packard, FujiFilm, Panasonic and Samsung Corporation, Olympus, JVC, Sanyo and Kyocera, among others. These companies are focusing on developing customer-centric products so as to provide multiple features in one device. The quest to offer truly innovative functions in a bid to stay relevant in future has led to increased spend on research and developmental activities. Companies are also leveraging their brand identity through focused marketing and promotions in order to gain competitive edge.
Information Source: Grand View Research