Digital Camera Market is anticipated to reach USD 19.77 billion by the end 2020, according to a new report released by Million Insights. Rising popularity of posting pictures on social media platforms is anticipated to drive the market growth. Moreover, low penetration of digital cameras in countries such as India and Brazil is projected to create potential growth opportunities for the key market players. However, rising penetration of smartphones across the developed and developing countries owing to its easy accessibility and presence of high resolution cameras is one of the key factors restraining the market growth.
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The key driving factors responsible for the growth of Digital Camera market :
By product segment, the built-in lens segment accounted for the market share of 78.5% in terms of unit shipments. However, the demand for these cameras is projected to remain stagnant owing to rising adoption of smartphones equipped with high resolution digital cameras. On the other hand, the DSLR cameras segment held a significant market share of 17.2% in terms of unit shipments owing to features such as convenience, compactness, and efficiency.
Asia Pacific is projected to emerge as the largest market share owing to rising disposable income levels, rising penetration of social networking platforms such as Instagram and Facebook, and high growth opportunities in countries like China, Japan, and India. North American and European markets are largely driven by demand for replacing old cameras with new and upgraded ones.
Key players in the market are focusing on strategies such as differentiation, product innovation, and brand reinforcement. Moreover, they are focusing on developing advanced cameras with connectivity features. The market is highly centralized in nature with the dominance of Japanese companies.
Further key findings from the report suggest:
• In 2012, the global digital cameras market accounted for 98.6 million unit shipments. It is projected to attain the unit shipments of 171.7 million by the end of 2020.
• In 2012, the built-in lens camera segment accounted for 78.5% of the overall market share in terms of unit shipments. The segment’s unit shipments are projected to account for 128 million units by the end of 2020.
• In 2012, the segment of DSLR cameras held the market share of 17.2% in terms of unit shipments owing to features such as convenience, compactness, and high efficiency. In 2012, the interchangeable-lens camera segment accounted for the revenue of USD 7,533.6 million.
• In 2020, the market for digital cameras in North America are projected to attain 37,488.2 thousand units in terms of unit shipments. It is projected to attain a CAGR of 6.1% over the forecast period.
• In 2012, Asia pacific held a significant share of more than 33% in terms of unit shipments owing to factors such as rising disposable income levels of people residing in countries such as India, Japan, and China and low penetration of the product in this region
• Leading players in this industry are Canon Inc., Nikon Corporation, Sony Corporation, Samsung Electronics Co., Ltd., Panasonic Corporation, Seiko Epson Corporation, Carl Zeiss AG, Ricoh Imaging Company, Olympus Corporation, Hewlett-Packard, and Fujifilm Holdings Corporation.
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