According to a new market report published by Credence Research Inc., “Digital Camera Market (By Type (Built-in Lens Digital Camera and Interchangeable Lens Digital Camera (Single Lens Reflex and Non Reflex))) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide shipments for digital cameras stood at 35.4 Mn units in 2015, a decline of 18.4% over previous year. The trend is expected to continue during the forecast period.
Browse the full Digital Camera (By Type (Built-in Lens Digital Camera and Interchangeable Lens Digital Camera (Single Lens Reflex and Non Reflex))) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/digital-cameras-market
Digital cameras are one of the most popular products in the consumer electronics business. However, digital camera manufacturers and retailers have struggled to keep pace with the technological advancements and changing consumer behavior that characterize sales of consumer electronic products. The lack of innovation in digital cameras has resulted in consumers being reluctant to buy newer models, leading to profit crunching. Thus, focus on product innovation is the requisite strategy for manufacturers as their search for the next big thing continues.
On the contrary, the emergence of social networking sites such as Facebook, Instagram, and Tumblr among others has kept the digital camera market afloat. Increasing popularity of these social networking sites and the prevailing trend of sharing high quality images over multiple platforms has given the necessary traction to the digital camera market. Digitization of consumer electronic products is another factor that has been instrumental in fueling the market demand. Digital media has transformed the field of photography, photo sharing sites, and networking sites, thereby creating sound growth opportunities for digital cameras. It has also led to a rise in the number of hobbyists pursuing digital photography. The market for digital cameras witnessed a gradual slowdown in the beginning of this decade due to economic instability in the developed economies and natural calamities in Japan and Thailand. Since then, the shipments have continued to decline through 2015. However, rise in discretionary income and intensifying market competition is expected to keep the market for digital cameras afloat.
Some of the leading players identified in the global digital camera market include Nikon Corporation, Canon, Inc., Samsung Electronics, Co., Ltd., Fujifilm Holdings Corporation, Sony Corporation, Kodak Company, Victor Company of Japan Ltd., Kyocera, Panasonic Corporation, Olympus Corporation, Polaroid Corporation, The Ricoh Company Ltd., and Sanyo Electric Co. Ltd. Expansion through strategic partnerships, mergers, and acquisition is pushing market towards consolidation. In addition, many manufacturers are pulling out of the market in view of declining sales. For instance, Samsung recently pulled out of the digital camera market in Australia in view of declining sales and a lack of acceptance. Thus, we expect market to achieve consolidation in the coming years owing to the anticipated decrease in the number of digital camera manufacturers.
- Proliferation of smartphones and tablets have led to the downfall of digital cameras
- Regulated demand for digital cameras with interchangeable lens
- Product Innovation is the key growth strategy
- The advent of social media: Boon as well as Curse