Digital Camera Market Dynamics and Trends by 2028

The digital camera market is expected to grow from US$ 8,290.25 million in 2021 to US$ 12,119.44 million by 2028; it is estimated to grow at a CAGR of 5.6% during 2021–2028.

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.

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.

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Digital Camera Market: Strategic Insights

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Impact of COVID-19 Pandemic on Europe Digital Camera Market :

The coronavirus pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The consumer electronics industry is one of the major industries suffering serious disruptions such as supply chain breaks, shutdowns of production plants, etc., because of this pandemic. The shutdown of various manufacturing plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East, and Africa has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various goods. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the consumer electronics industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months. The market for digital camera is impacted by the pandemic due to shortfall in production along with limited transportation facilities.

Digital Camera Market Insights

Technological Innovations Associated with Digital Cameras to Fuel Growth of Digital Camera Market

The framework of digital camera market is closely associated with emerging radical trends backed with innovative technological developments and robust advancements, such as HD and touch screen. Since a long time, the market has observed a higher demand for digital single-lens reflex camera and SLR camera market owing to growing consumer inclination toward advanced photography. However, the advancement of technology has resulted in creation of high-resolution cameras, which provides 12–20 megapixels. The continuous evolution in the field of digital cameras has resulted in designing advanced cameras with better resolution, faster focusing, and support to different peripherals. Also, an increase in trend to incorporate a Wi-Fi or 4G modem in digital cameras have also been observed to provide competitive edge over smartphones. Moreover, such cameras are foreseen to be a part of several interconnected devices, such as IoT (Internet-of-Things), which could facilitate effective communication with other interconnected devices such as smartphones and speaker assistants in the near future.

Type-Based Market Insights

Based on type, the digital camera market is categorized into compact digital camera, bridge camera, DSLR camera, mirrorless camera, digital rangefinder camera, and line-scan camera. In 2020, the DSLR camera segment accounted for the largest share in the market.

Digital Camera Market Regional Insights

The regional trends and factors influencing the Digital Camera Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Digital Camera Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Digital Camera Market Report Scope

Digital Camera Market Players Density: Understanding Its Impact on Business Dynamics

The Digital Camera Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

End User-Based Market Insights

Based on application, the digital camera market is segmented into personal and professional. In 2020, the professional segment accounted for a larger market share.

The players operating in the digital market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• FUJIFILM Holdings Corporation announced about the launch of FUJIFILM GFX100S in late February 2021. The camera is the latest addition to the GFX Series of mirrorless digital cameras.
• Nikon Corporation had launched the Z 7II full-frame mirrorless camera. The Z 7II is a full-frame, high-resolution mirrorless camera. Through such product launches, the company is contributing to the development of imaging culture.

The digital camera market has been segmented as follows:

By Type

• Compact Digital Camera
• Bridge Camera
• DSLR Camera
• Mirrorless Camera
• Digital Rangefinder Camera
• Line-Scan Camera

By End User

• Personal
• Professional

By Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East & Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

Company Profiles

• Canon Inc.
• Eastman Kodak Company
• Fujifilm Holdings Corporation
• Leica Camera Ag
• Nikon Corporation
• Om Digital Solutions Corporation
• Panasonic Corporation
• Hasselblad
• Ricoh Imaging Company, Ltd,
• Sony Corporation