Digital camera refers to a multimedia device which stores a photograph in the digital format. It comprises of an inbuilt or attached view-finder screen which helps in displaying the image or video captured. In addition to this, images saved in the digital camera can be viewed again and deleted as and when the need arises. Apart from this, a digital camera offers a variety of features like auto-focus, best-shot selector, altering ISO and AWB, burst shots, shutter speed, digital zoom, etc. Some of the digital cameras also provide the facility of a motion detector which assists in avoiding blurred photography. However, at present, the emergence of high-resolution camera in smartphones is hampering the demand for digital camera. A new research report by IMARC Group, titled “Digital Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the digital camera market was worth US$ 19 Billion in 2017. The report further expects the market to reach a value of nearly US$ 9 Billion by 2023, declining at a projected CAGR of -11.5% over the forecast period.
Global Digital Camera Market Drivers/Constraints:
- The digital camera market is constantly facing a strong competition from numerous digital devices such as mobile phones, laptops and tablets, on account of their innovative and powerful in-built cameras. As these devices with internet connectivity enable the users to upload the pictures on social networking sites on-the-go, they have become a basic necessity for global populace and are gradually replacing a digital camera.
- Moreover, consumers are no longer keen to invest in new models of digital camera. This can be accredited to the lack of technological innovations by manufacturers and the emergence of rental system in the market which helps in providing digital camera and accessories at a relatively cheap rate.
- However, factors such as reducing prices, user-friendly interface, easy availability, boosting tourism sector and increasing expenditure on advertising by the manufacturers have supported the global digital camera market.
Product Type Insights:
Based on type, the digital camera market has been segregated into built-in lens camera, interchangeable lens camera, compact digital cameras, bridge cameras, digital single lens reflex (SLR) cameras, digital rangefinders, line-scan camera systems, integration camera and water-resistant camera. Presently, interchangeable lens cameras exhibit a clear dominance in the market.
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On a geographical front, Asia-Pacific enjoys a leading position in the global digital camera market. Nonetheless, with an increasing use of smartphone users in the region, the demand for digital camera is witnessing a consistent decline. Asia-Pacific is followed by Europe, North America, Middle East and Africa, and North America.
The market is concentrated with the presence of few large manufacturers who are competing in terms of prices and quality. There is a stiff competition in the market which makes it hard for small players to enter. Some of the leading players operating in the market are:
- Canon Inc.
- Nikon Corporation
- Sony Corporation
- Panasonic Corporation
- Olympus Corporation
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