Digital camera is one of the fastest growing markets globally. In the past, photography was considered to be an expensive and unprofitable hobby. However, thanks to the evolution of technically advanced options of digital photography, sharing photos and videos has become quite a trend in the present decade. With the invention of newer, sleeker, and more pocket-friendly options of digital cameras, photography is increasing in popularity both among professionals as well as amateurs. Moreover, consumers prefer owing personal digital cameras with which they can capture special and important moments of their lives, whether at celebrations or during events. This has led to the impressive growth of the digital camera market in the global scenario.
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U.S., Europe, and Asia Pacific Account for Lion’s Share in the Global Digital Cameras Market
The key segments of the global digital cameras market on the basis of product types include bridge cameras, digital rangefinders, line-scan camera systems, mirror-less interchangeable-lens cameras, digital single lens reflex (SLR) cameras, compact digital cameras, waterproof, and integration. In terms of geography, the global market for digital cameras can be segmented into North America, Europe, Asia Pacific, and the Rest of the World.
The maximum demand for digital cameras globally is registered by North America, Europe, and Asia Pacific. The United States came across as one of the major contributors towards the global digital camera industry accounting for the lion’s share in the global market. Among the countries in Asia Pacific, India, Russia, and China offer maximum opportunities for manufacturers to capitalize on.
Technological Advancements Leading to Reduction in Cost of Photography
The advent of digital cameras has significantly reduced the average cost of photography. The conventional analog cameras required expensive films for capturing images. The cost of processing the images in laboratories to convert films into photographs entailed added expenditure. Besides, the option of viewing the image captured was absent in old analog cameras. The invention of digital cameras changed the fundamentals of photography significantly. They have enabled photographers to view the images just after capturing a shot on LCDs. If the photographer is not happy with the shot, he also has the option of deleting the image. Additionally, since digital cameras do not require films, the necessity of printing the photographs does not arise. One could simply store the photographs in a computer hard drive and view the image anytime they want. The range of similar advantages offered by digital cameras has bolstered its demand considerably in the consumer electronics segment.
Factors such as rising levels of income of consumers and increase in sales of digital SLR cameras are expected to significantly boost the demand for digital cameras in the global market. Apart from this, introduction of new technologies in digital cameras such as capacitive screen, integration of easy social sharing attributes, and ability to click HD quality images has been instrumental in the rapid increase in sales of digital cameras in the global market.
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Advent of High-Resolution Camera Smartphones to Emerge as a Major Bottleneck
Despite registering significant rise in demand, the increased adoption of smartphones has emerged as one of the major factors impacting the overall sales of digital cameras. This is with special reference to the point and shoot cameras. An increasing number of users are getting accustomed to using high-resolution camera smartphones to capture images. This trend poses a serious threat to the global demand for digital cameras.
Incorporation of Advanced Technology to Boost Purchase of Digital Cameras
Integration of advanced technologies such as high-definition video, capacitive screen, wireless connectivity, sophisticated image detection features, and improved zoom lenses is likely to spur the purchase of digital cameras among consumers. Additionally, growing popularity of digital single lens reflex cameras (DSLR) will offer immense growth opportunities for the market.
Leading Players Dominating the Market
The global market for digital cameras is at present dominated by major companies such as Canon Corporation, FujiFilm, Olympus Corporation, Samsung, Sony Corporation, Eastman Kodak, Minolta, Casio Corporation, Kyocera, Ricoh, Hewlett Packard Company, Matsushita (Panasonic), Japan Victor Company (JVC), Polaroid, and Sanyo.