Digital Camera Market is Predicted to Reach USD 11.4 Billion at a CAGR of 5.3% by 2030- Report by Market Research Future (MRFR)
Digital Camera Market to Grow at a Notable CAGR during the Current Decade
Dhabi, UAE, May 08, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Digital Camera Market” Research Report: By Type, Applications, End-Users – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 11.4 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5.3% during the assessment timeframe.
Digital Camera Market Overview:
Factors such as the better quality images and videos these cameras offer and increasing uses of digital cameras, especially in the advertisement & entertainment, and education sectors, escalate the market growth significantly. The rising adoption of digital cameras by professionals, wildlife photographers, and enthusiasts drives market growth. The growing demand for cameras offering specifications, design, build, and features to enhance picture and video quality substantiates the digital camera market revenues.
Rising advances in features and benefits allow these cameras to garner significant popularity, boosting market growth. Additionally, the increased demand for digital cameras led by social media Vloggers and travel bloggers accelerates market sales. Growing preference among increasing numbers of photography enthusiasts drives the market growth.
However, digital cameras have some technical issues, which act as major headwinds for the growth of the market. Nevertheless, substantial R&D investments in technology development would support the market rise throughout the assessment period, bringing various innovations that can offer improved solutions. Also, additions of many technical features like ISO, aperture speed, and exposure settings would influence the market growth.
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Key Players
Players leading the digital camera market include
- Koninklijke Philips NV(Netherlands)
- Eastman Kodak Company (U. S.)
- Pentax Corporation (Japan)
- Panasonic Corporation (Japan)
- Samsung Group (South Korea)
- Olympus Corporation (Japan)
- Sony Corporation (Japan)
- Fujifilm Holdings Corporation (Japan)
- Nikon Corporation (Japan)
- Canon Inc. (Japan)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 11.4 Billion |
| Growth Rate | CAGR of 5.3% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Changing dynamics of digital cameras coupled with consumer inclination toward advanced-level photography |
| Key Market Drivers | Increasing Use Of Digital Cameras In Sports Media Rising demand for lightweight, high-quality digital camera Increase in applications of digital camera in entertainment, media, and sports |
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Segments
The report is segmented into product type, components, digital sensor types, and region. The product type segment is sub-segmented into DSLR, bridge camera, compact digital camera, digital range finders, built-in lens, non-reflex, and others. The component segment is sub-segmented into lenses, sensors, LCD screens, memory cards, and others.
The digital sensor type is sub-segmented into CCD, CMOS, FOVEON X 3, LiveMOS, and others. By regions, the market is sub-segmented into the Americas, Asia-Pacific, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global digital camera market, mainly due to the strong presence of major market players, including Olympus, Sony, Fujifilm, Nikon, and others. Besides, vast advances in imaging technologies and the greater adoption of digital cameras in the media and entertainment industries drive the growth of the market. Moreover, increasing demand and disposable income in Japan, China, South Korea, and India boost the digital camera market size.
North America stands second in the global digital camera market. The region is one of the largest manufacturers and importers of digital cameras worldwide. Additionally, the market is driven by large technological developments and increasing demand for better picture quality. The presence of major digital camera manufacturers and considerable investments in product developments substantiate the regional market’s growth.
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Europe accounts for a sizable share of the global digital camera market, mainly due to the improving industry standards in the region. Furthermore, vast contributions from well-defined markets of the UK and Germany impact the market growth positively. The European digital camera market is expected to grow remarkably during the review period.
Competitive Landscape
Highly competitive, the global digital camera market appears fragmented with several well-established players forming a competitive landscape. Digital camera manufacturers strive to develop a full-frame mirrorless technology with a stacked CMOS sensor and image processor. Some manufacturers also focus on designing cameras that provide the basic high-level functionality required to meet professional and enthusiast users’ needs.
Substantial investments are made in developing cameras with high speed, sensitivity, and reliability to expand the possibilities of users’ photographic range. Players adopt strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product & technology launches to gain a larger competitive share. They make substantial investments to transform the consumer and business landscape, driving the expansion of product lines and global footprint.
For instance, on Mar. 28, 2023, Canon Inc., a leading camera brand, announced that its interchangeable-lens digital cameras (digital SLR and mirrorless cameras) are selected as the No. 1 digital camera for the 20th consecutive year. Canon cameras hold the largest share of the global interchangeable-lens digital camera market, and the company has maintained the No. 1 position for 20 consecutive years, from 2003 to 2022.
Canon develops high-speed, comfort, and image-quality imaging system components for its EOS series of digital interchangeable-lens cameras. It also manufactures CMOS image sensors, image processors, and interchangeable lenses. Canon offers a product lineup ranging from high-performance flagship models as well as entry-level models, offering a high-image-quality shooting experience with easy operation. A rich selection of RF and EF series lenses makes exponential creative expressions possible.
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