New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Digital Camera Market: Key Insights
According to our new research study on “Digital Camera Market to 2028 – COVID-19 Impact and Global Analysis and Forecast – by Type, End Users, and Geography,” the Digital Camera Market is projected to reach US$ 12,119.44 million by 2028 from US$ 8,290.25 million in 2021; it is expected to grow at a CAGR of 5.6% during 2021–2028.
Digital Camera Market: Competition Landscape and Key Developments
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; and Sony Corporation are among the key players that were profiled during this market study. The market players are adopting strategies such as product developments, partnerships, mergers and acquisitions, and collaborations for sustaining the competitive edge.
In 2021, Canon Inc. announced that the company is currently developing the new EOS R3 full-frame mirrorless camera. This new camera is designed to provide professional and enthusiast customers with the high-level basic functionality.
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In February 2021, FUJIFILM Holdings Corporation announced about the launch of FUJIFILM GFX100S. The camera is the latest addition to the GFX Series of mirrorless digital cameras.
The use of digital cameras has not just been limited to personal and professional photography, but has been extended across entertainment, media, and sports industries. The film industry is one of the largest and most lucrative categories in the global entertainment industry. For instance, China's film industry is one of the world's largest film industries, churning out revenue of about US$ 6.6 billion in 2016. This promising outlook of the film and entertainment industry is expected to drive the demand for digital cameras to achieve perfect shots and videos. Rapid technological changes, consumer behavior, and business models have changed the way consumers want to experience and pay for entertainment and the media. The leaders in this industry are concentrating on building fan-focused businesses and brands to produce outstanding content. As a result, they invest a significant amount on technologies and equipment such as computer-generated image (CGI) and visual effects (VFX), as well as advanced cameras.
Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 8,290.25 Million in 2021 |
| Market Size Value by | US$ 12,119.44 Million by 2028 |
| Growth rate | CAGR of 5.6% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 155 |
| No. Tables | 61 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Type and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Also, there is indispensable use of digital cameras in sports media. The installation of high speed and digital cameras at stadium offers spectators to see slow motion replays at critical game situations and helps obtain accuracy while watching. Similarly, the use of high-resolution digital cameras in wildlife, landscape, architecture, and studio photography helps obtain sharp and crisp images and videos. The rising focus toward action photography has subsequently promoted the demand for compact digital cameras, such as GoPro. Further, social media platforms, such as Instagram, have substantially expanded the scope for photography, which, in turn is expected to proliferate the growth of the digital camera market.
With the growing trend toward 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 created 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 point-and-shoots, which helps obtain significantly clearer and better images, especially at high International Organization for Standardization (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.
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Digital Camera Market: Segmental Overview
Based on type, the digital camera market is segmented into compact digital camera, bridge camera, DSLR camera, mirrorless camera, digital rangefinder camera, and line-scan camera. The DSLR segment led the market in 2020. DSLR cameras are the most versatile, high-end, and advanced type cameras. Theses cameras use single-lens reflex method. They consist of a mirror, which reflects the light passing through the lens. DSLR cameras are mostly large in size. These cameras are mainly used by professional photographers or videographers for commercial purposes. Automatic mode and changeable camera lens to fit different situations are the important feature of DSLR cameras. These cameras also allow the user to use a variety of zoom lenses with different zoom ranges. They give better image quality even at low light in comparison with other types. They are widely used because of advanced sensors, manual camera settings, and interchangeable lenses. However, DSLR cameras are bulky and quite expensive. The DSLR camera market has had a more drastic decline. The development of DSLR cameras seems to have reached its maximum potential. These cameras have already hit the innovation wall, so many key players are concentrating on mirrorless cameras. They have shifted their R&D resources toward mirrorless cameras. Moreover, DSLR camera manufacturers are now focusing on integrating software enhancements and other technologies in these cameras for enhanced consumer experience, this factor is expected to drive the demand for DSLR cameras in the coming years.
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