Camera Accessories Market (Latest Insights) Analysis By North America, Europe, Apac, Latin America, and Middle East & Africa

New York, May 09, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Reports Insights, The Camera Accessories Market was valued at USD 3.18 Billion in 2022 and is projected to exceed USD 8.43 Billion by 2030, with an impressive CAGR of 13.2%. The global camera accessories market is expected to witness substantial growth in the coming years, driven by the rising popularity of photography and advancements in camera technology.

Key Market Highlights

• Globally, Camera Accessories Market is divided based on the type into Lenses, Bags & Cases, Tripods, Batteries & Chargers, and Others.
• In the context of Sales Channel, the market is separated into Online and Offline.
• Based on the End-User, the market is segregated into Media & Entertainment and Sports.
• The market is geographically segregated into five regions: Europe, Latin America, Asia-Pacific, North America, and Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Camera Accessories Market.

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Camera accessories are the tools or equipment that are utilized to enhance the quality of images captured by a camera. Camera accessories such as lenses, tripod stands, and external flash are employed for protecting camera, stabilizing shots, and manipulating light in order to capture images from unique angles and perspectives to enhance the creativity and impact of images.

Continuous advancements in camera technology have led to the development of camera accessories such as camera lenses, monopods, and tripods. Manufacturers are constantly improving the technology used in cameras and launching additional equipment to produce higher-quality images and videos. The development of mirrorless cameras has increased the demand for additional devices that are well-suited to optimize the conditions according to the requirements of the photographer. For instance, in September 2021, RED Digital Cinema, LLC launched the next generation DSMC3 camera system with new V‑Raptor 8k VV featuring high dynamic range, cinema quality sensor, and high frame rates to capture HD-quality images. Thus, the deployment of high-quality cameras and accessories to enhance photography skills is driving the growth of the market.

The increasing adoption of mirrorless cameras and accessories for indoor and outdoor photography is expected to present potential opportunities for the growth of camera accessories market. Photographers deploy telephoto lenses to capture distant objects such as animals or scenic landscapes. Therefore, the increasing adoption of advanced camera lenses is anticipated to drive the market growth during the forecast period. However, the development of cameras with built-in features such as image stabilization and autofocus is limiting the adoption of additional camera accessories.

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Camera Accessories Market Growth Drivers:

• The continuous advancements in camera technology such as the development of advanced lenses with longer focal length are driving the growth of the market.
• The growing demand for high-quality cameras and accessories for content creation by the young population is accelerating the growth of the market.
• The rise of social media platforms such as Facebook and Instagram are propelling the growth of camera accessories market.

Restraints

• The development of cameras with built-in features such as image stabilization and autofocus is limiting the growth of camera accessories market.
• The development of smartphones with high-quality cameras is limiting the adoption of separate cameras, thereby restraining the growth of camera accessories market.

Opportunities

• The utilization of camera accessories for wildlife and landscape photography is providing significant growth opportunities for the camera accessories market.

Global Camera Accessories Market Segmentation Details:

Based on Type, the lenses segment contributed the largest shares to the market growth in 2022. The increasing demand for additional camera lenses with longer focal length to provide scenic view angle is driving the growth of lenses segment. Photographers require specialized lenses for specific types of photography, such as wildlife, sports, or portrait photography. Moreover, the lightweight and portability of camera lenses is driving the growth of the market.

Based on Sales Channel, the offline segment is accounted for the largest revenue share in the year 2022. Offline stores provide an opportunity for customers to understand a product and its features before purchasing. Salespersons in offline stores provide adequate information and correct advice to customers before purchasing expensive items such as cameras and accessories. Moreover, offline stores provide customers with hands-on experience of their products, showcase the latest technology and innovations, and offer personalized service and support.

Based on End-User, the media & entertainment industry accounted for the maximum revenue share in the year 2022. The increasing number of movies, television productions, and online streaming platforms is driving the growth of camera accessories market. Camera accessories such as lenses, lighting equipment, and stabilizers are utilized in cinematography for capturing high-quality images and videos. Thus, the growing demand for cameras that support advanced functionality and features is propelling the growth of the market.

Based on region, The North American region has been a major contributor to the growth of the Camera Accessories market. The advancements in camera technologies in the North American region is driving the growth of the market. The development of mirrorless cameras provides faster shooting speed, and better video capabilities, allowing photographers to capture high-definition photos and videos. Consequently, the increasing adoption of digital cameras, particularly among photographers and videographers is driving the growth of the regional market. Moreover, the live streaming of sports events in the North American region is further driving the growth of camera accessories market.

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Recent Developments

• In March 2023, Oppo introduced X6 Series with three camera systems featuring a telephoto camera, a wide camera with large 1-inch sensor, and HD-quality ultra-wide camera.
• In May 2021, ARRI AG introduced a new cinematography camera called ALEXA 35 camera delivering 2.5 stops more dynamic range, better low light performance, and richer colors.

List of Major Global Camera Accessories Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Canon Inc.

• Nikon Corporation

• Sony Corporation

• Olympus Corporation

• Panasonic Corporation

• Fujifilm Holdings Corporation

• Casio Computer Co. Ltd.

• Sigma Corporation

• Hitachi Ltd.

• RED Digital Cinema LLC

Global Camera Accessories Market Segmentation: 

• By Type

• Lenses
• Bags & Cases
• Tripods
• Batteries & Chargers
• Others

• By Sales Channel
  • Online
  • Offline
• By End-User
  • Media & Entertainment
  • Sports Industry

Key Questions Covered in the Camera Accessories Market Report

• What are Camera Accessories?
  • Camera Accessories are the additional tools and devices that enhance the features and functionality of a camera. Camera accessories such as tripods, flashlights, and lenses allow photographers to enhance their photography skills by providing high-definition quality to the images. Cameras accessories provides high image stabilization and wider view-angle well-suited for cinematography and live-streaming of sports events.
• What specific segmentation details are covered in the Camera Accessories market report, and how is the dominating segment impacting the market growth?
  • The report consists of segments including Type, Sales Channel, and End-User. Each segment has key dominating sub-segment being driven by the industry trends and market dynamics. For instance, by type segment has witnessed camera lenses as the dominating segment in the year 2022, due to the continuous advancements in camera lens technology such as the development of lenses with deep depth-of-field to focus on the entire frame.
• What specific segmentation details are covered in the Camera Accessories market report, and how is the fastest segment anticipated to impact the market growth?
  • The report consists of segments including Type, Sales Channel, and End-User. Each segment is projected to have the fastest growing sub-segment being fueled by industry trends and drivers. For instance, the Sales Channel segment witnesses the online segment as the fastest-growing segment due to the ability of E-commerce websites to a wide variety of camera accessories at different price points.
• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
  • The Asia-Pacific region is expected to register the fastest CAGR growth during the forecast period due to the growing media & entertainment industry in the region. The increasing number of TV shows and movies in the region is contributing to the growth of the regional market.

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