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The Camera Accessories market is forecasted to increase by USD 856.09 million at a CAGR of 3.71% between 2022 and 2027. The growth of the market depends on several factors, including the demand for digital cameras, increased demand for high-quality photos with burst shots features, and availability of affordable digital cameras. In urban areas, where customers boast disposable income and demand superior image quality, accessories play a pivotal role in meeting their needs. Manufacturers across established countries, Latin America, and the Asia Pacific region continually innovate to cater to these discerning consumers.
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This report extensively covers market segmentation by type (lenses, bags and cases, tripods, batteries and chargers, and others), distribution channel (online and offline), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the lens segment will be significant during the forecast period. Though the global camera industry is declining, the number of photography enthusiasts across the world is increasing. Thus, the lenses is growing at a moderate rate. Photography enthusiasts use different lenses as per their requirements.
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The lenses segment was valued at USD 3,982.36 million in 2017 and continue to grow by 2021. It offers various lenses, including lenses with wider angles, optical adjustment, and an additional zooming capability. Some aftermarket manufacturers are producing non-threaded lenses for point-and-shoot cameras. They are magnetic lenses that pop on and off the camera with the help of a magnetic ring instead of threads. Several types of lenses, including telephoto lenses and wide-angle lenses, are available that can be used with high-end cameras, such as DSLR cameras. Thus, with the increase in the sale of cameras, the lenses segment in expected to grow during the forecast period.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the global industry is the high demand for advanced digital cameras. Camera accessory sales are substantially proportionate to the sales of digital cameras, such as DSLRs and MILCs, on a global scale. A vast number of modern cameras offer compatibility with a wide range of lenses, in addition to better picture and video quality. This enables users to personalize their cameras to meet their own needs. The increased compatibility of cameras with lenses of various resolutions, apertures, and focal lengths has resulted in an increase in lens sales, adding to the worldwide market's growth.
Furthermore, professional photographers that engage in wildlife, fashion, or macro photography use specific lenses. Nikon's AF-S NIKKOR 80-400mm f/4.5-5.6G ED VR and Canon's EF 100-400mm f/4-5.6L IS II USM are two of the most commonly used lenses by wildlife photographers. With the growing popularity of wildlife and fashion photography, the sales of these lenses are likely to increase during the forecast period. This is expected to drive the growth of the market.
Technological advances are the primary trend for the global market growth in the forecast period. The creation of new attachments that may be utilized to improve the performance and utility of cameras, as well as accessories that provide better stability and new views to photography, are some of the significant advancements. Consumers can purchase these accessories through the makers' online stores. There have been advancements in the camera accessory market as a result of the introduction of action cameras such as the GoPro Hero series. Consumers can choose from a number of accessories, including handheld, wearable, and numerous adjustment mounts and handlers.
Furthermore, the market offers accessories for different types of shooting needs and environments, including traveling, scuba diving, surfing, and snorkeling. The most futuristic of all is the GoPro Karma Drone, which has revolutionized the way action cameras can be used to capture incredible images. In addition, the market offers attachments for a variety of shooting demands and settings, such as travel, scuba diving, surfing, and snorkeling. This will further drive the growth of the market during the forecast period.
The declining cost will be a major challenge for the global market during the forecast period. As of 2021, the prices of are steadily declining due to the ongoing rise in demand for from amateur and professional photographers. Furthermore, due to price-sensitive consumers, the majority of revenue in the global digital camera market comes from developing countries Such as India. As a result, camera accessory costs have limited room for increase. APAC has the largest digital camera customer base, with nations like China and India accounting for a considerable portion of the worldwide camera market's sales.
In this situation, camera and camera accessory producers must constantly participate in competitive pricing, resulting in a reduction in the average cost of these items, which is further hampering the market growth. Furthermore, due to the extended product lifecycles of camera accessories, replacement options are limited. As a result, manufacturers must lower their product prices in order to increase sales and remain competitive. In the long run, this might jeopardize their profit margins and hinder the market growth.
The report includes the adoption lifecycle, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
global.canon: - The company offers such as ER-SC1 Multi-Function Shoe Cover, Speedlite Transmitter ST-E10 and Stereo Microphone DM-E100.
The report also includes detailed analyses of the competitive landscape of the industry and information about 15 industry companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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North America is estimated to contribute 51% to the growth of the global industry during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the industry during the forecast period. The US is the major revenue-contributing country in North America. The region is expected to reach saturation during the forecast period because of the early adoption of digital cameras. This will likely lead to a decline in its revenue share. Additionally, the high penetration of smartphones poses a threat. In North America, the US had the highest smartphone penetration rate in 2021. In terms of smartphone shipment, in the US, companies such as Apple, Samsung, LG, and Lenovo accounted for around 87% of the market share in 2021, which was an increase of around 4% compared with that in 2020.
Market Analyst Overview
The photography, camera accessories are indispensable tools for photographers seeking to capture moments with precision and style across various genres such as wedding, portrait, sport, and aerial photography. From the dedicated photojournalist to Commercial photography, accessories like fast prime lenses, remote shutter releases, and polarizing filters enhance image quality and offer creative versatility.
The market is thriving, driven by urban customers seeking aesthetic appearance and product advancements in photography equipment. Manufacturers employ technologies such as Internet of Things (IoT) devices and digital single lens reflex (DSLR) cameras sensing cameras to meet demand. With the rise of social media platforms and content creation, there's a growing need for camera accessories like interchangeable lenses and memory cards. Features such as shutter speed, digital zoom ,best-shot selector, autofocus systems and image stabilization cater to vlogging and wildlife photography enthusiasts. The e-commerce sector facilitates accessibility, catering to varying disposable incomes. Mirrorless cameras offer portability and ease of use, appealing to photography as a hobby concerned with well-being of mental health. Long zoom lenses provide fast autofocus for capturing stunning images in wildlife and nature photography.
Automatic white balance (AWB)
Affordability of cameras
Rugged, weather-resistant bodies
The report forecasts industry growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Camera Accessories Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.71% |
Market growth 2023-2027 |
USD 856.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.83 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 51% |
Key countries |
US, UK, Germany, France, and Italy |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Canon Inc., Elite Brands Inc., FUJIFILM Corp., Hitachi Ltd., JVCKENWOOD Corp., Kinefinity Inc., Miller Australia Pty Ltd., Nikon Corp., Olympus Corp., Panasonic Holdings Corp., Panavision Inc., RED Digital Cinema LLC, Ricoh Co. Ltd., Rollei GmbH and Co. KG., SIGMA Corp., Sony Group Corp., The Vitec Group Plc, Transcend Information Inc., Koninklijke Philips NV, and Samsung Electronics Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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