Digital cameras: Key market research findings
- Decline in price of low-end digital cameras drives market growth
- APAC dominates the market geographically
- Key vendors – Canon, Nikon, Panasonic, Samsung Electronics, and Sony
Technavio’s market research analysts predict the global digital camera market to grow at a CAGR of over 15% in terms of unit shipments between 2016 and 2020. The demand for digital cameras in the market is augmented by a decline in camera prices, especially low-end digital cameras. The APAC accounted for almost 49% of the overall market space in 2015 to dominate the global digital camera market geographically. The presence of top vendors in the region coupled with the increased penetration of digital cameras is expected to drive growth in the digital camera market in APAC by 2020.
The new market research report from Technavio presents a breakdown and analysis of the global digital camera segments based on the type.
“Recently, there has been an increase in the preference for online retail for digital cameras compared to conventional brick-and-mortar stores. Online retail allows vendors to target global audience without restrictions and investments in outlets and workforce. Consumers are increasingly opting for the purchase of digital cameras online owing to reasons such as growing penetration of the Internet and the availability of seasonal sales such as year-end sales, festival discounts, and old stock clearance offers,” says Ujjwal P Doshi, Lead Analyst, Media & Entertainment, Technavio Research.
The interchangeable lens camera segment accounted for the majority of the market’s revenue with a market share of almost 65% in 2015. Interchangeable lens cameras are high-priced and mostly preferred by professional photographers. Their longer life cycle enables users to maintain the same camera by switching the lenses of different focal lengths as per their requirement, resulting in a decline in the demand for these cameras in the market during the forecast period.
The key vendors in the global digital camera include Canon, Nikon, Panasonic, Samsung Electronics, and Sony. The global digital cameras market is highly competitive due to the presence of several large well-established players. The vendors in the market compete on the basis of product differentiation, portfolio, and pricing. Competition in this market is likely to intensify further during the forecast period with an increase in product line extensions.
A more detailed analysis is available in the Technavio report, Global Digital Camera Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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