According to this report the market is expected to reach US$ 12,119.44 million by 2028, registering a CAGR of 5.6% during 2021-2028.
With the growing trend of photography, the demand for digital cameras is expanding. Digital camera allows to capture and store photos and videos digitally rather than printing it to film as per traditional analog cameras. As the consumers are becoming enthusiastic toward sight capturing, the demand for compact, lightweight, and high-quality cameras is rising. Further, the introduction of digital cameras and smartphones has made photography a mainstream profession, which have subsequently generated the need for high quality cameras with user-friendly interface and affordable price. The use of point & shoot digital cameras has been ideal for simple still photography since long time as they offer ease in operation, along with compactness, and are quite budget friendly.
However, the demand for such cameras is often replaced by smartphones possessing high performing in-built cameras supporting casual photography. Hence, digital camera manufacturers are focused toward building lightweight, compact, and high-quality digital cameras, which could provide better imaging than a flagship smartphone and could effectively match the needs of personal and professional photographers. For instance, the growing focus toward pocket friendly and lighter cameras, which could offer better autofocus coverage and superior video performance, has created the demand for compact digital cameras, bridge camera, and mirrorless cameras.
To support the expanding demand for compact cameras, manufacturers such as Sony have come up with miniature cameras with advanced and better-quality sensors placed in it. Sony launched RX100, in which the concept of the 1-inch sensor class has been highlighted. The 1-inch sensor has approximately four times better surface area of the chips used in premium smartphones and entry-level pointoand-shoots, which helps obtain significantly clearer and better images, especially at high ISO. Further, to obtain effective balance over image quality and noise control, the focus has been made upon 20MP resolution for such sensor type. Hence, it is quite evitable that the demand for lightweight, compact, and high-quality digital cameras is significantly high and is expected to proliferate the growth of the digital camera market.
In Europe, currently the UK and Russia are the hardestohit countries by the COVID-19 outbreak. The region is estimated to suffer an economic hit due to the lack of revenue from various industries, as the country recorded the highest number of COVID-19 cases, followed by France, Spain, Italy, and Germany. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. The governments of countries such as Italy and Spain, imposed complete lockdown in various areas for multiple weeks, which affected the business activities in these countries. Businesses in the above-mentioned countries either had to suspend their operations or reduce their activities in a substantial manner which resulted in supply and demand disruptions, and thus, affected the sales of companies operating in the region. As the region has abundant tourist and heritage places for individuals to plan their trips and capture beautiful memories with the help of these high-end camera, the growth prospective of digital cameras is broad in this region; however, as the cases in various European countries were high, the growth of digital cameras might got disrupted in 2020.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global digital camera market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global digital camera market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Market
- Surge in Demand for Lightweight and High-Quality Digital Cameras
- Growing Applications of Digital Cameras in Entertainment, Media, and Sports Industries
Restraints
- Introduction of Premium Smartphones and High Cost associated with the Digital Cameras
Opportunities
- Expanding Demand for Mirrorless Cameras
Future Trends
- Technological Innovations Associated with Digital Cameras
Companies Mentioned
- Canon Inc.
- Eastman Kodak Company (JK Imaging Ltd.)
- Fujifilm Holdings Corporation
- Leica Camera Ag
- Nikon Corporation
- Om Digital Solutions Corporation
- Panasonic Corporation
- Hasselblad
- Ricoh Imaging Company, Ltd
- Sony Corporation
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