The global digital camera market reached a value of US$ 16.6 Billion in 2018. Digital cameras, also known as digicams, are utilized for capturing digital images and videos that can be displayed on the viewfinder or live preview screen. As compared to their analog counterparts, digital cameras have inbuilt slots for memory cards, which aid in storing several hundred images, depending on the storage capacity. These images can also be deleted directly from the camera since they are captured digitally. Digital cameras offer specialized features such as burst shots, auto-focus, shutter speed, digital zoom, best-shot selector, and altering sensor sensitivity (ISO) and automatic white balance (AWB).
The potential of digital cameras to capture high-quality photographs had boosted their overall sales in the past few years. However, the introduction of premium smartphones with high-resolution lenses represents one of the primary factors that is negatively impacting the demand for digital cameras across the globe. Cameras integrated into these smartphones enable users to take images in the RAW format and alter the settings by accessing the manual mode. With the launch of upgraded smartphones, camera functions are consistently improving, thereby eliminating the requirement of owning digital cameras. Consequently, consumers are no longer eager to invest in new models of digital cameras, owing to the lack of technological innovations by manufacturers as well as the presence of camera rental systems in the market. Moreover, minimal customer engagement by manufacturers, in confluence with the complex features, are reducing the growth aspects of the market. Apart from this, as digital cameras are expensive, bulkier and do not offer additional functions, such as messages, emails, video calls and social networking applications, their demand is reducing around the world. Owing to these restraints, IMARC Group expects the market to decline at a CAGR of 11.7% during the forecast period 2019-2024, reaching a value of US$ 7.9 Billion by 2024.
Breakup by Product Type:
Interchangeable lens cameras (ILCs) represent the most popular product type as they aid in producing high-quality images. They are attached with an optical lens, which can be removed and changed depending on the requirement.
Asia Pacific currently represents the largest market on account of a large population and the increasing affluence of consumers in the region.
On evaluating the import and export scenario of the market, it is found that the United States is the major importer, while China is the biggest exporter of digital cameras.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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