Global Digital Camera Market Size Worth US$ 7.9 Billion by 2024

Global Digital Camera Market Size Worth US$ 7.9 Billion by 2024

“Global Digital Camera Market to Reach US$ 7.9 Billion by 2024, Popularity of Smartphones Hindering Growth – IMARC Group”
The global digital camera market is witnessing negative growth owing to the rising popularity of smartphones coupled with the lack of technological innovations in digital cameras.

According to the latest report by IMARC Group, titled “Digital Camera Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global digital camera market reached a value of US$ 16.6 Billion in 2018. A digital camera is a multimedia device that uses an electronic image sensor to store photographs or videos in the digital format. It consists of a lens and a variable diaphragm that are used to adjust electronic image sensor lighting and viewfinder screen which helps in displaying the image or video captured. Unlike a film camera, the images or videos captured by a digital camera can be viewed instantly. It also supports basic image editing functions such as cropping and related image enhancement features. Additional features like auto-focus, best-shot selector, altering ISO and AWB, burst shots, shutter speed and digital zoom are standard features found in these devices.

Market Trends:

The increasing penetration rate of smartphones among consumers across the globe is one of the key factors negatively influencing the market growth. Innovative variants of smartphones are being launched at a rapid pace that offer new and better features, of which in-built cameras form an integral part. Significant research and development (R&D) go behind making these cameras more innovative and powerful with advanced characteristics. Unlike digital cameras, smartphones also offer accessibility to the Internet which allows smooth and quick transfer of multimedia files, thus significantly saving time and providing a hassle-free experience to users. Also, these cameras are more expensive and bulkier when compared with smartphones, which further hinders the growth of the market. Apart from this, consumers are no longer keen to invest in new models of digital cameras. This can be accredited to the lack of technological innovations by manufacturers and the emergence of the affordable rental system in the market. On account of these restraints, the global digital camera market size is expected to reach US$ 7.9 Billion by 2024.

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Market Summary:

On the basis of the type, the digital camera market has been divided 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. Amongst these, interchangeable lens cameras are the most preferred product type.

On the geographical front, Asia-Pacific exhibits a clear dominance in the market. Other major regions include Europe, North America, Middle East and Africa, and North America.

On analyzing the import and export scenario, the United States and China represent the leading importer and exporter of digital cameras, respectively.

The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key player operating in the market. At present, Canon Inc., Nikon Corporation, Sony Corporation, Panasonic Corporation and Olympus Corporation are the leading digital camera manufacturers.

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