The global digital camera market is anticipated to grow at a CAGR of around 2% during the forecast period. The growth of the digital camera market is owing to the fastest-growing consumer market for digital camera across the globe. However, the raising consumer preference of camera phones is anticipated to present various challenges for the growth of digital camera industry. The size and cost of camera phones coupled with increasing consumer demand for real camera performance are expected to restraint the digital camera market during the forecast period.
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In addition to this, camera phones are handy as the pictures can be used immediately. This is anticipated to increase the adoption of camera phones in comparison to digital cameras. Moreover, in recent years, the camera phone technologies have improved significantly to match the quality of digital cameras, hence the use of camera phones has increased to fulfil the photography needs. Also, the addition of new features to the cameras by smartphone manufacturers with each new launch of phones is also driving the adoption of smartphones. Hence, the aforementioned reasons are expected to hamper the growth of digital camera market.
Besides, the reduced demand for analog cameras is anticipated to drive the digital camera industry. In addition to this, the lowered requirements of camera accessories such as film developing supplies have also increased the digital camera market revenue. Furthermore, the innovations introduced by manufacturers such as digital cameras with Bluetooth and Wi-Fi capability is expected to escalate the adoption of digital cameras over the coming years. Additionally, in recent years the camera module’s resolution, and performance, in general, have been improved quickly by the manufacturers. This anticipated to increase the digital camera market shares during the forecast period.
Additionally, the digital camera market growth was highly influenced by the increasing tourism activities across the globe. However, the outbreak of the Covid-19 virus in December 2019 which later was announced pandemic by WHO has significantly reduced tourism activities across the globe. This is anticipated to significantly restrict the growth of the digital camera market to some extent during the forecast period.
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Digital Camera Market Segmentation
By Lens Type
- Built-in Lens
- Interchangeable Lens
