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Digital Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
[November 18, 2022]

Digital Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

NEW YORK, Nov. 18, 2022 /PRNewswire/ -- The digital camera market is expected to witness a CAGR of less than 11.2 % over the forecast period.

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Key Highlights
The global digital camera market growth rate is expected to decline over the forecasted period, owing to shifting consumer preference toward smartphone cameras. Global digital camera shipments have been declining in sales in the last decade. Most of the major digital camera manufacturers have also recorded a decline in fluctuating sales in the past few years.
However, the recent technological advancements and the growing number of digital photography and social media platforms have created new hope for the studied market vendors. The primary reason is that multiple product launches with feature upgrades and newer payment methods like camera services are expected to aid the growth globally in recent years. Major players like Nikon, Sony, Canon, and Fujifilm are innovating in the field of mirrorless cameras and are highly optimistic about their adoption.
Also, many of these companies have started targeting emerging countries, like India, due to growing investment in the photography market by these regions. According to UNCTAD's 2019 research, developed countries, like the United States and the United Kingdom, account for 91% of global exports of digitizable products. In comparison, the tariff structures of developing countries are higher. The custom duties charges are leading to further higher tariff revenue loss for countries like Brazil and Argentina.
According to the industry expert, Smartphone cameras are not meant to replace the higher-end DSLR and mirrorless cameras. While smartphone cameras have more features that use AI and computational photography techniques, they still lack quality. Hence, the commercial photography market will always depend on digital cameras. However, increased digital camera prices are also expected to affect the studied market negatively.
The market has witnessed various product innovations and development in the past few months. For instance, In September 2021, FUJIFILM Corporation announced the launch of "FUJIFILM X-T30 II"(X-T30 II) late September 2021. It is a new addition to the X Series of mirrorless digital cameras known for their compact, lightweight body and superior image quality based on the company’s proprietary color reproduction technology.
Furthermore, in February 2022, Canon announced the EOS R5 C digital camera, aimed at professionals who want high-performance video and still capture. The EOS R5 C has a lightweight and compact body that weighs approximately 680g and can shoot 8K RAW video.
In September 2022, the FUJINON GF20-35mmF4 R WR lens (GF20-35mmF4 R WR), a tiny and lightweight ultra wide-angle (UWA) zoom lens for GFX System cameras, was unveiled by FUJIFILM North America Corporation. The focal length of the GF20-35mmF4 R WR spans from UWA at 20mm to wide-angle at 35mm. With UWA coverage, the lens can freeze information-dense subjects like a wide landscape or cityscape with fine details in high resolution, owing to the GFX System's large-format sensor1.
Electronics devices have been impacted significantly by the COVID-19 outbreak as China was one of the major suppliers of raw materials and finished products. The industry is on the brink of facing a reduction in production, disruption in the supply chain, and price fluctuations. The sales of major electronic companies are expected to be affected in the near future.?
Asian countries like China, India, South Korea, Taiwan, and Japan have a significant presence of manufacturers of image sensors and have experienced lockdowns and affected production schedules. The sales have been down as the COVID-19-led lockdown in most of the global economies has resulted in deliveries limited to essentials and has resulted in companies revising their revenue targets. Governments across the world have mndated the lockdown and halt of manufacturing processes for consumer electronics.?

Key Market Trends

Interchangeable Lens Segment is Expected to Drive the Market Growth

The key players such as Canon, FUJIFILM, Sony, and others in the market are focusing on improving their products by investing in their Research and Development, which assists them in holding significant market share and increasing visibility in the market.
In April 2022, Canon announced the release of a new range of lenses for its EF Cinema Lens lineup: the Flex Zoom Lens series, which is meant to make cinema-style productions more efficient. The new lens series will be launched with the CN-E20-50mm T2.4 L F/FP wide-angle zoom lens (due out in June 2022) and the CN-E45-135mm T2.4 L F/FP telephoto zoom lens.
Moreover, In April 2022, FUJIFILM North America Corporation released its most recent development roadmap for interchangeable XF lenses in the X Series of tiny, lightweight mirrorless digital cameras. Three additional lenses have been added to the newest roadmap: a large-diameter mid-telephoto prime lens, a standard macro lens, and an ultra-wide-angle prime lens. Fujifilm has been expanding its XF lens selection to broaden the X Mount system's attractiveness for its exceptional image quality and advanced mobility.
In May 2022, FUJIFILM Corporation announced the newest development roadmap for interchangeable XF lenses for the X Series of compact and lightweight mirrorless digital cameras, which offer remarkable image quality based on the company's proprietary color reproduction technology. According to the most recent roadmap, three new lenses will be added: Fast medium telephoto prime lens "XF56mmF1.2", Ultra-wide-angle prime lens "XF8mmF3.5", and Standard macro lens "XF30mmF2.8 R Macro". Fujifilm has been expanding its XF lens selection to broaden the appeal of high image quality and improved mobility enabled by the X Mount system*1.
According to the Camera & Imaging Products Association in Japan (CIPA), 5.29 million DSLR and Mirrorless bodies are expected in calendar 2022, while Nikon predicts 5.1 million from April 22 to March 23.
According to the CIPA's (Camera & Imaging Products Association) forecast for digital camera and lens shipments in 2022, lenses for interchangeable lens cameras will be the most important segment, with roughly 9.4 million units shipped.

Asia-Pacific to Witness Fastest Growth

Asia-Pacific is expected to grow at the fastest rate. One of the major factors driving the demand for digital cameras in the region is the rising photography trend. Photography has become user-friendly and affordable, which has supported the demand for digital cameras in the region.
The Asia Pacific is anticipated to dominate the global market with the presence of Strong and prominent players, including Canon Inc., Sony Corporation, Nikon Corporation, and Panasonic Corporation. These companies aim to refine their diverse imaging technologies based on their core optical technology to expand and create an even stronger Electro-Optical System (EOS) that offers new avenues of image capture to meet the needs of increasingly diverse users and to promote the ever-growing photo and video culture.
In September 2022, Canon Singapore announced the availability of the EU-V3, a functional extension unit for the Canon digital cinema camera models EOS C500 Mark II (issued in December 2019) and EOS C300 Mark III (available in June 2020). The expansion unit increases the operational potential of these two cameras, which have received high appreciation for their large-format sensor, which permits rich video graphics expression.
Moreover, In July 2022, Canon announced the release of the RF24mm f/1.8 MACRO IS STM and RF15-30mm f/4.5-6.3 IS STM lenses, which are flexible and lightweight additions to the EOS R mirrorless camera line. These two lenses round-up and complete the inexpensive RF lens lineup. The RF lens lineup now has 30 lenses, owing to the acquisition of these two lenses. The RF24mm f/1.8 MACRO IS STM lens completes the economic range of RF prime lenses, which now includes focal lengths of 16 mm, 24 mm, 35 mm, 50 mm, and 85 mm. Similarly, the RF15-30mm f/4.5-6.3 IS STM now rounds out the cheap zoom lens lineup, covering focal lengths ranging from 15 mm to 400 mm.
Japan is also playing a significant role in the studied market. In February 2022, SIGMA Corporation of America (Headquartered in Asao-Ku, Kawasaki-shi, Kanagawa, Japan) announced the imminent release of interchangeable lenses for Fujifilm X Mount mirrorless cameras. Users may now experience high-performance, high-quality SIGMA lenses in native mount on their X Mount system. Three F1.4 prime lenses (16mm F1.4 DC DN | Contemporary, 30mm F1.4 DC DN | Contemporary, and 56mm F1.4 DC DN | Contemporary) are currently available in four mounts (Sony E-mount, Canon EF-M mount, Micro Four Thirds mount, and L-Mount), will be released simultaneously in X Mount, with the lineup expanding in the future.
Further, rising disposable income in the region and passion for photography is expected to have a positive outlook on the market. Also, conferences such as the International Camera Fair will be organized in India in September 2022, which is dedicated to Cameras, lenses, and Imaging Accessories. Such conferences are expected to drive the digital camera market.

Competitive Landscape

The digital camera market is highly competitive due to the presence of players such as Nikon Corporation, Sony Corporation, and Canon Inc, amongst others. Although the market is facing huge competition from the smartphone market, the players in the market are focusing on product launches to target niche customer bases. A few recent developments are:

September 2022 - Canon USA, Inc. announced the release of four professional camcorders, the XA65, XA60, XA75, and XA70, as well as the VIXIA HF G70 camcorder. The new camcorders are suitable for various applications, including documentaries, corporate events, and education. These models provide exceptional performance, capturing spectacular 4K resolution content, HD UVC Streaming through USB-Ci, and superior focusing and facial detection capability. They all offer MP4 and On-Screen Display (OSD) recording, with the four professional camcorders also supporting XF-AVC recording for broadcast purposes. Canon has also released a software update for the XF605 camcorder.
September 2022 - Nikon Corporation unveiled the NIKKOR Z 17-28mm f/2.8, an ultra-wide-angle zoom lens compatible with full-frame/FX-format mirrorless cameras that use the Nikon Z mount. The NIKKOR Z 17-28mm f/2.8 is an ultrawide-angle zoom lens with a fast constant maximum aperture of f/2.8 that spans the focal length range of 17 to 28 mm. This lens provides exceptional portability with a total length of around 101 mm*1 and a weight of about 450 g, but it also gives a superior optical performance.

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