Mirrorless Camera Market Size

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.