Digital Camera Market to grow by USD 3.159 billion from 2022 to 2027; Availability in various price ranges to boost the market - Technavio
NEW YORK, Aug. 18, 2023 /PRNewswire/ -- The digital camera market size is expected to increase by USD 3,159.05 million from 2022 to 2027, registering a CAGR of 5.55%, according to the latest research report from Technavio. Discover Consumer Electronics industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!
The digital camera market covers the following areas:
The global digital camera market is fragmented, with the presence of several players in the market. With the growing technological innovations such as HD, Ultra HD, and 4K technologies, differentiated products for different purposes are also playing a significant role in driving the growth of the market. The established players face intense competition because of the product portfolio, product differentiation, and pricing of the products. The digital camera market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Key Market Segmentation
This digital camera market report extensively covers market segmentation by distribution channel (offline and online), type (digital single-lens reflex cameras, compact digital cameras, mirrorless interchangeable lens cameras, and bridge compact digital cameras), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
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Regional Market Outlook
APAC is estimated to account for 32% of the global market growth. The presence of a large population and the growing disposable per capita income is a major driving factor for the market growth. APAC also offers inexpensive products with basic features. It is also emerging as one of the fastest-growing markets for digital cameras due to the growing awareness among customers, along with the growing spending capacity of people in this region. Hence, such factors will increase the market growth in this region during the forecast period.
For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report
Digital Camera Market – Market Dynamics
Key factor driving market growth
The availability of cameras in various price ranges is a significant driver for the growth of the market. Generally, digital cameras are available in different price ranges depending on their features. Also, around 20% of digital cameras are found in the price range of USD 50-USD 200, whereas more than 60% of digital cameras are high-end digital cameras. These provide features such as +200x zoom capabilities, video recording with autofocus, and others, and are priced above USD 200.
For instance, more than 15% of digital cameras are priced under USD 50. Also, they provide basic digital camera features such as digital video resolutions of 1280 x 720 HD, waterproof capabilities, and others. Hence, factors like these will drive the digital camera market growth during the forecast period.
Leading trends influencing the market - An increase in the use of action cameras is an emerging digital camera market trend.
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Key Topics Covered:
1 Executive Summary
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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