Digital Camera Market Grow with a High CAGR- Global Industry Analysis

The digital camera market is expected to witness a CAGR of less than 2 % over the forecast period 2020-2025. The global digital camera market growth rate is expected to decline over the forecast period, owing to shifting consumer preference toward smartphone cameras. The global digital camera shipments have been witnessing a downfall in its sales in the last decade. Most of the major digital camera manufacturers have also recorded a decline of fluctuating sales in the past few years. According to CIPA’s latest data, the global sales of digital cameras dropped by 87% in 2019, as compared to 2010.

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– However, the recent advancements in the technology and the growing number of digital photography platforms and social media platforms has created a new hope to the studied market vendors. The primary reason being multiple product launches with features upgrades, in recent years, along with newer payment methods like camera services, are expected to aid the growth globally. Prominent players like Nikon, Sony, Canon, and Fujifilm are innovating in the field of mirrorless cameras and are highly optimistic about its adoption.
 – Action photography has also increased the demand for compact digital cameras, especially like GoPro. Social media platforms, like Instagram, have also developed the scope for photography among many of users across the globe, many of whom take images using professional DSLRs and then upload them to the app, instead of just taking pictures through their phones. Since the recent lockdown across the globe has increased the usage of these platforms, market vendors like Sony are utilizing the situation by expanding its digital camera portfolio through launching products.

Key Market Trends

Surging Smartphone Camera Technology is Hampering the Market Growth

– Smartphone cameras are still far more digital cameras but simple camera interface, bolstered by features such as swipe to change the exposure,’ make smartphone photography an extremely enticing option.
– Also, these high-quality compact cameras in smartphones are connected to the Internet. And this became very convenient for the users to share those pictures on social media instantly.
– The smartphone camera is evolving at a higher rate, and companies such as Oneplus, Samsung, Apple is investing a huge amount of money in research and development for different camera technology.
– For instance, after a 108MP camera sensor, Samsung is speculated to work on a whopping 144MP camera sensor using the 14nm FinFET process. Samsung will use its 108MP camera sensor on the Galaxy S11, which is expected to launch in February 2020.

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Christophe Rude
Christophe Rude
Articles: 15876

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