Growing popularity of social networking and the trend of sharing images over various platforms have led to the growth of the digital camera industry. Growing popularity of social networking and the trend of sharing images over various platforms have led to the growth of the digital camera industry. Services and applications such as photo editors including Adobe Photoshop have also aided in increasing demand for digital cameras. These include digital single lens reflex cameras (DSLR) as well as non-reflex cameras, also referred to as mirrorless cameras. Increasing replacement demand coupled with technological enhancements such as Wi-Fi-enabled cameras is expected to favorably impact the market.
The trend of sharing images over the internet and availability of image processing tools has given impetus to the market. Widespread adoption of internet services and surge in social networking activities is expected to further bolster industry outlook. However, proliferation of smartphones globally is a major concern for industry participants, on account of the ready availability and convenience offered by smartphone cameras. The value chain consists of manufacturers of digital cameras and associated parts, as well as retailers or distributors.
Lower product penetration in countries such as India and Brazil is expected to be a key opportunity, with a number of end-users willing to invest in digital cameras. The market in North America and Europe is expected to benefit from the increasing replacement demand, and innovation remains the key growth strategy. Rise in disposable income coupled with the trend of users upgrading to more expensive products is expected to contribute to increased profitability for market participants over the forecast period.
The surging smartphone adoption is another major factor that has considerably impacted the demand for the digital cameras especially compact point & shoot cameras. The advent of high-resolution camera phones can be a possible threat for the demand for cameras, since users can use their readily accessible mobile devices for capturing images.
Key product segments analyzed and reported in this study include built-in lens cameras and interchangeable lens cameras, which are further segmented in to DSLR and non-reflex cameras. Built-in lens camera demand is expected to remain sluggish over the next six years, with unit shipments estimated to reach 128 million units by 2020. Increasing smartphone penetration is expected to be a key challenge for this market, with consumers increasingly preferring smartphones over compact point & shoot cameras to benefit from enhanced features in single device. Also, internet connectivity offered by smartphones, enabling users to upload pictures on social networking sites has also had a significant impact on eroding market share for built-in lens cameras.
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Further key findings from the study suggest:
- Global digital camera unit shipments were estimated to be 98.6 million units in 2012, and is expected to reach 171.7 million units by 2020
- Built-in lens cameras accounted for over 78% of the overall shipments in 2012. Interchangeable lens cameras contributed to over 50% of the market revenue in 2012, which can primarily be attributed to the high selling prices of these products. Digital Single Lens Reflex (DSLR) cameras occupied over 80% of the market in 2012; however, they are expected to lose market share with an estimated CAGR of 3.8% from 2013 to 2020.
- Asia Pacific is expected to be the largest and fastest growing regional segment, and is estimated to grow at a CAGR of 8.1% over the forecast period to account for approximately 36% of the global market by 2020. This can primarily be attributed to rising purchasing power and relatively lower product penetration. Compact cameras with built-in lenses accounted for over 75% of regional shipments. Mirrorless cameras are also compact in nature as compared to DSLRs, and have been witnessing growth in countries such as Japan and China.
- The market is dominated by Japanese participants; Canon Inc. and Nikon Corporation account for majority of the overall market share. Key players also include Sony Corporation, Samsung Electronics Corporation, Fujifilm Holdings, Olympus Corporation and Ricoh Imaging Company among others. Manufacturers have been focusing on the high-end product segment in order to stay competitive in an ecosystem characterized by changing user trends.