Market Trends of Digital Camera Industry
This section covers the major market trends shaping the Digital Camera Market according to our research experts:
Increase in Sales of Mirror-less Lens is Driving the 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 tendencies, the demand for mirrorless cameras would likely grow throughout the forecast period.
- The development in progress and innovation in mirrorless cameras are expected to drive the demand for mirror-less lenses in the future. Major market players have been spending heavily on camera technology to provide unique photography solutions. For example, Fujifilm, one of the market's leading companies, offers the Fujifilm X-T4, an all-rounder mirrorless camera. The camera features an APS-C sensor along with a 26.1 MP resolution. It boasts 425-point autofocus.
- Nikon's Y-o-Y revenue grew to JPY 64.3 billion (USD 460.3 million) in the first two-quarters of FY2022 due to an expansion in the sales mix with a move to pro/hobbyist models aided by the sales of the new mirrorless camera. The sales of mirrorless cameras are expected to rise in the forecast period. This is expected to aid the increase in the demand for mirrorless lenses.
- Furthermore, key manufacturers' recent breakthroughs and product launches are expected to fuel demand for mirrorless lenses. For example, in September 2022, Nikon released the NIKKOR Z 17-28mm f/2.8, an ultrawide-angle zoom lens suitable for full-frame/FX-format mirrorless cameras that utilize the Nikon Z mount.
- Moreover, recent advancements have enabled key players to provide mirrorless cameras using full-frame sensors. Sony Electronics Inc., for instance, introduced the Alpha 7R V (model ILCE-7RM5) as a part of the latest R series cameras in its famed range of Alpha mirror-less interchangeable lens cameras in October 2022. The Alpha 7R V features Sony's maximum resolution image sensor in an Alpha camera, in addition to a new AI processing unit focused on artificial intelligence-based image recognition - and the potent BIONZ XRTM image analysis engine - among the first in the "R" full-frame lineup. The combination of this processor and the high-resolution sensor allows significant advances in subject capture and recognition for both still and video photos.
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Asia-Pacific to Witness Fastest Growth
- The current photography trend in the Asia-Pacific fuels the desire for digital cameras. Photography has grown more user-friendly and economical, supporting the region's demand for digital cameras.
- With the existence of significant and major companies, such as Sony Corporation, Canon Inc., Panasonic Corporation, and Nikon Corporation, Asia-Pacific is expected to be one of the prominent regions in the global market. These companies intend to improve their diversified imaging techniques based on their core optical technology to create an electro-optical system (EOS) that provides new avenues of capturing images to meet the requirements of an increasingly diverse customer base and to encourage the ever-growing video and photo culture.
- The Camera & Imaging Products Association in Japan (CIPA) anticipates the production of 5.29 million mirrorless and DSLR devices in calendar 2022, whereas Nikon forecasts 5.1 million between April 2022 and March 2023.
- Furthermore, the rising number of destination and big wedding events in the Asia-Pacific region has resulted in a boom in demand for wedding photography, significantly impacting the digital camera market.
- The region's increased disposable income and enthusiasm for photography are also projected to benefit the industry. In addition, conferences specialized in lenses, cameras, and imaging accessories, such as the International Camera Fair, were hosted in India in September 2022. Such gatherings are likely to fuel the digital camera market.
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