Mirrorless Camera Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.08 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mirrorless Camera Market Analysis
The global mirrorless camera market is valued at USD 4.73 billion in the current year. It is expected to register a CAGR of 6.08% during the forecast period to reach a value of USD 6.75 billion by the next five years. The market is expected to grow in the coming years because of the advancement in innovation of mirrorless camera products. The novel and developed mirrorless cameras feature and have the latest photographic technology, speedy burst shooting, high-resolution sensors, and superb and high-quality video. The mirrorless cameras provide outstanding connectivity and are more compact than a DSLR. Major companies have invested a significant sum in cameras to develop novel photographic solutions for their customers.
- Mirrorless cameras are often regarded as the ideal travel camera as they offer high image quality and features while being more portable and lighter than DSLR cameras. Professional vloggers will employ this to shoot high-quality photos and films. Mirrorless provides an advantage over DLSR in terms of compactness. The increasing use of mirror-less cameras is expected to increase the demand for mirror-less lenses during the forecast period. In recent years, major industry players have committed significant capital to expand their photographic portfolios. Nikon offers the Z6 II, a mirrorless camera featuring a full-frame sensor with a 24.5 MP resolution. The camera also supports 273-point hybrid autofocus.
- Mirrorless single-lens camera shipments are at an all-time high, driven by a revival in Chinese outbound tourism and camera manufacturers introducing new models with AI capabilities that surpass smartphones. The increased tourism and travel drive the market growth. According to the UN's World Tourism Organization (WTO), international passenger numbers more than doubled year-on-year to around 235 million in the first three months of 2023, representing 80% of the level of 2019. Similarly, According to the Camera & Imaging Products Association of Japan (CIPA), global camera shipment data for the first six months of the year shows that mirrorless cameras saw a 20% year-on-year growth to reach CNY 253 billion (USD 17 billion) - a record for the third year in a row.
- The built-in lens offers a fixed focal length, which does not allow the user to zoom in or zoom out. For example, if a photographer has chosen a 24 mm lens, the built-in lens would only provide the photographer with a 24 mm perspective (the user cannot zoom in and out with these prime lenses). With this lens, the user can only shoot from one fixed focal length. Built-in or fixed lens cameras range from vintage models with large image sensors to tiny point-and-shoot devices. Smartphone cameras are technically built-in cameras, but the term is most often used to describe larger cameras that look like DSLRs.
- On the contrary, smartphone cameras' quality has dramatically enhanced in recent years. Most people no longer need to carry or buy a dedicated camera. While photo enthusiasts and specialists are expected to obtain incomparable results with high-end lenses and cameras, current smartphones have images that are certainly enough for the average customer's needs. Consumers increasingly favor smartphones over portable point-and-shoot cameras to benefit from expanded functionality in a single device, which is projected to be a significant issue for this industry.
Mirrorless Camera Market Trends
Interchangeable Lens are Expected to Hold Significant Share of the Market
- A camera lens is an optical assembly of lenses to make images of objects on photographic film or digital media while being capable of storing an image. Consumer-end camera manufacturers are focusing on the quality of their cameras to achieve higher product differentiation. Multiple efforts are being undertaken to improve image quality. Currently, there are three major trends in cameras that manufacturers are banking their revenue on. These trends include multiple lenses, a focus on new computational photography technologies, and the use of artificial intelligence for scene detection and shooting assistance.
- Interchangeable lenses can be mounted on a camera and changed out for different lenses. Interchangeable lenses offer the user a more comprehensive choice of image-capture abilities, unlike built-in lenses. There are two types of interchangeable lens cameras: the digital single-lens reflex camera and the mirrorless interchangeable lens camera. In addition to selecting an interchangeable lens, users have the choice of prime lenses, which are a fixed focal length available in 35 mm, 50 mm, and 200 mm, among others, or zoom lenses (a tele zoom 70-200 mm and a wide-angle zoom with 18-35 mm, a mid-range zoom, 28-70 mm).
- Moreover, in September 2022, FUJIFILM North America Corporation announced the release of the new FUJINON XF 56 mm F1.2 R WR (XF 56 mm F1.2 R WR) weather-resistant, mid-telephoto prime lens, the latest in a line of interchangeable lenses designed for the FUJIFILM X Series of mirrorless digital cameras. The FUJINON XF 56 mm F1.2 R WR is the successor to the popular FUJINON XF 56 mm F1.2 R lens and now boasts considerable improvements from that earlier model in minimum focusing distance, image-resolving capability, and gorgeous rendering of out-of-focus background.
- Further, in September 2022, Sony Electronics Inc. announced the latest expansion to its Cinema Line, the ILME-FR7, an E-mount interchangeable lens camera with built-in pan/tilt/zoom (PTZ) functionality and a full-frame image sensor. Its versatile remote control and cinematic features extend creative opportunities in the studio, live production, and filmmaking settings.
- According to the Camera & Imaging Products Association forecast for the year 2023 for digital cameras and lenses shipments, interchangeable lens cameras will be the primary segment, with around 5.72 million units in shipments forecast for 2022. An interchangeable camera allows the photographer to choose the lens according to his or her needs. For instance, a wide-angle lens may be used to cover the maximum angle of view, while a telephoto lens would be able to get a close view of the mountain peak and capture its details invisible to the naked eye.
North America is Expected to Hold Significant Share of the Market
- North America has a developed consumer electronics sector, with electronics products present in most households. The North American digital camera market is expected to expand in the coming years. Many filmmakers in the region are reaching out to audiences through short films, ads, and marketing videos. Many are looking for acceptable alternatives to standard camera systems for producing higher-quality material. Digital cameras use a photosensitive microchip known as a charge-coupled device (CCD) to capture and process pictures, which allows images to be stored on the camera's memory drive.
- The increasing photography sector in the United States will likely fuel the North American Mirrorless camera market. According to the United States Bureau of Labor Statistics, the employment of photographers is expected to expand by 9% between 2021 and 2031, which is more than the average for all professions. On average, 12,700 job vacancies for photographers are expected annually during the next decade.
- Due to the amount of content available on video platforms, the algorithms organize it in terms of quality; thus, gear improvements, when available, will assist vloggers in posting higher-quality content, attracting more viewers. Mirrorless cameras are considered the ideal travel camera as they offer high image quality and features while being more portable and lighter than DSLR cameras. Professional vloggers will employ this to shoot high-quality photos and films. Mirrorless provides an advantage over DLSR in terms of compactness. The increasing use of mirror-less cameras is expected to increase the demand for mirror-less lenses during the forecast period.
- Companies in North America are expanding their consumer offers by introducing new items. For instance, FUJIFILM North America Corporation announced the release of the FUJIFILM X-T5 digital camera (X-T5) in November 2022, the newest addition to Fujifilm's groundbreaking range of X Series, X-T mirrorless digital cameras. Fujifilm incorporated its fifth-generation imaging sensors and processing technologies into the X-T5 camera body, which is smaller than each of the preceding three X-T system cameras.
- Additionally, in September 2022, FUJIFILM North America Corporation launched the FUJINON GF20-35 mm F4 R WR lens, which is a lightweight and compact ultra wide-angle (UWA) optical zoom for GFX System cameras. The GF20-35 mm F4 R WR's focal length ranges from 20 mm UWA to 35 mm wide-angle. Due to the GFX System's large-format sensor, the lenses can freeze information-dense scenes like a broad landscape or cityscape with intricate points in high resolution with UWA coverage.
Mirrorless Camera Industry Overview
The global mirrorless camera market is moderately consolidated with the presence of several players like Canon Inc., Eastman Kodak Co., FUJIFILM Corp., Nikon Corp., Olympus Corp.. etc. The companies continuously invest in strategic partnerships and product developments to gain substantial market share. Some of the recent developments in the market are:
In May 2023, Canon introduced the EOS R100, its most compact and affordable mirrorless camera. The company says it's their most compact, lightweight, and affordable EOS R camera. In addition, the company has also introduced the RF28 mm f/2.8 STM lens, the first-ever "pancake" premium lens in the RF lens line-up. The Canon EOS R100 features a 24.1-megapixel APS-C CMOS sensor, and the camera incorporates Bluetooth and Wi-Fi connectivity, which allow users to share their photos on social media platforms using the Canon Camera Connect application on their smartphones. The camera is developed with a viewfinder and a grip.
In March 2023, combining a compact form factor with cinematic video, Sony brings us the ZV-E1 Mirrorless Camera for an upgraded, content-creator-focused vlogging machine. One of the most popular a7S III, the ZV-E1 features a Full-Frame Exmor R CMOS image sensor with the advanced BIONZ XR processor and a Sony E lens mount to make up to UHD 4K video. A comprehensive, 15+ stops dynamic content, advanced S-Log3 and S-Cinetone color methods and a slew of recent user-customizable methods offer greater control over your image look and quality. The latest release comes in black and white colorways with the option to purchase a bundle including a 26-60 mm lens.
Mirrorless Camera Market Leaders
Canon Inc.
Eastman Kodak Co
FUJIFILM Corp
Nikon Corp.
Olympus Corp.
*Disclaimer: Major Players sorted in no particular order
Mirrorless Camera Market News
- July 2023: FUJIFILM India has introduced the new "X-S20," a new addition to its X Series of mirrorless digital cameras, which has been priced at INR 118,999 (USD 1,430.41). The company aims to continue promoting the joy of photography through its X Series mirrorless cameras, which boast APS-C sensors, an extensive lineup of premium-quality lenses, including the recently released FUJINON Lens XF 8 mm F3.5 R WR, and the dedicated app, FUJIFILM XApp.
- May 2023: Nikon has introduced a mirrorless camera in India, showcasing its impressive characteristics and abilities. The camera boasts a powerful 4 EXPEED seven image processor and a 5.7-megapixel full-frame sensor, ensuring exceptional image quality in different shooting conditions, with the capability to shoot up to one hundred and twenty frames per second, and record 8K video at a max of 30 frames per second. It also offers progressive functionalities such as 5.5 stops of in-body picture stabilization, a 49-point autofocus procedure with subject tracking, a 3.2-inch tilting touchscreen LCD, and a high-resolution electronic viewfinder with 3.69 million dots.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 The rising trend for high-quality content and the popularity of social media platforms
5.1.2 Increase in tourism would rise the demand for the Mirrorless Camera
5.2 Market Restrains
5.2.1 Strong Competition from Smartphones with Advanced Features
6. MARKET SEGMENTATION
6.1 By Lens Type
6.1.1 Built-in or Static Lens
6.1.2 Interchangeable Lens
6.2 By Geography
6.2.1 North America
6.2.1.1 United States
6.2.1.2 Canada
6.2.2 Europe
6.2.2.1 United Kingdom
6.2.2.2 Germany
6.2.2.3 France
6.2.2.4 Others
6.2.3 Asia Pacific
6.2.3.1 China
6.2.3.2 Japan
6.2.3.3 India
6.2.3.4 South Korea
6.2.3.5 Others
6.2.4 Middle East and Africa
6.2.5 Latin America
7. COMPETETIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Canon Inc.
7.1.2 Eastman Kodak Co
7.1.3 FUJIFILM Corp.
7.1.4 Nikon Corp.
7.1.5 Olympus Corp.
7.1.6 Panasonic Holdings Corp.
7.1.7 Ricoh Co. Ltd.
7.1.8 SIGMA Corp.
7.1.9 Sony Group Corp.
7.1.10 SZ DJI Technology Co. Ltd
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mirrorless Camera Industry Segmentation
The market is expected to surge in the coming years because of rising disposable income, changing customer lifestyles and trends, increasing urbanization, and others. Until a few years ago, photography was a field made by the high price of professional photography equipment. With better access to advanced technology and solutions, the gap between photography as a profession and a hobby has been reduced.
The Global Mirrorless camera market is segmented by lens type (built-in or static lens and interchangeable lens), geography ((North America (the United States, and Canada), Europe (United Kingdom, Germany, France, and Other Countries), Asia Pacific (China, Japan, India, South Korea, and Other countries), Latin America, Middle East and Africa ).
The market sizes and forecasts are provided in terms of value USD for all the above segments.
| By Lens Type | |
| Built-in or Static Lens | |
| Interchangeable Lens |
| By Geography | |||||||
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| Middle East and Africa | |||||||
| Latin America |
Frequently Asked Questions
What is the current Mirrorless Camera Market size?
The Mirrorless Camera Market is projected to register a CAGR of 6.08% during the forecast period (2024-2029)
Who are the key players in Mirrorless Camera Market?
Canon Inc., Eastman Kodak Co, FUJIFILM Corp, Nikon Corp. and Olympus Corp. are the major companies operating in the Mirrorless Camera Market.
Which is the fastest growing region in Mirrorless Camera Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Mirrorless Camera Market?
In 2024, the North America accounts for the largest market share in Mirrorless Camera Market.
What years does this Mirrorless Camera Market cover?
The report covers the Mirrorless Camera Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mirrorless Camera Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mirrorless Camera Industry Report
Statistics for the 2024 Mirrorless Camera market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mirrorless Camera analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
