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The global mirrorless camera market size is estimated to grow at a CAGR of 5.55% between 2022 and 2027. The size of the market is forecast to increase by USD 906.03 million.
Mirrorless cameras were initially (2008-2012) introduced as compact versions of digital cameras and targeted at the mass segment. The absence of mirrors and optical viewfinders in mirrorless cameras enabled their compactness over DSLR cameras. Features of mirrorless cameras that are at par with DSLR cameras include previewing of /images, /image stabilization, quality, and durability. The invention of the Micro Four Thirds system is another advantage aiding the growth of mirrorless cameras. The Micro Four Thirds system (MFT) is a standard released by Olympus and Panasonic in 2008 for designing and developing mirrorless interchangeable lenses, digital cameras, camcorders, and lenses. Additionally, factors such as the rapid growth of mirrorless cameras with the entry of major players such as Canon and Nikon are boosting the market growth. Furthermore, the rise in the use of social media platforms such as Facebook, Instagram, Snapchat, Twitter, and Tumblr has positively impacted the market growth.
This report extensively covers market segmentation by distribution channel (offline and online), type (interchangeable lens and fixed lens), and geography (APAC, Europe, North America, 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.
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The rapid growth of mirrorless cameras is notably driving the market growth, although factors such as the poor battery performance of mirrorless cameras may impede the market growth. 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.
The rapid growth of mirrorless cameras is notably driving the market growth. Olympus, Fujifilm Holdings, and Panasonic are some of the major global vendors. The success of Sony and Olympus had encouraged the likes of Canon and Nikon to venture into the mirrorless camera segment. The rapid growth of the mirrorless camera market helped stabilize the overall revenues during the forecast period.
In addition, it is anticipated that Canon, Nikon, and other well-known vendors would increase the number of mirrorless cameras they provide as a way to stabilize sales. With the advent of significant manufacturers, mirrorless camera unit shipments and revenues are anticipated to grow gradually. Players that are already offering mirrorless cameras are likely to extend their product offerings to cater to rising demand. Therefore, the global mirrorless camera market is set to expand at a healthy pace during the forecast period.
Growing online retail sales is the key trend in the market. Sales of mirrorless cameras through online channels such as Amazon, Flipkart, and Alibaba Group, among others are growing rapidly with the rising proliferation of the internet. Vendors are also ramping up their partnerships with leading online retailers. An increasing number of shoppers are choosing to buy mirrorless cameras online due to convenience, significant discounts, and superior payment and return policies.
The availability of premium and high-end cameras in emerging countries is also increasing amid strategic partnerships between camera manufacturers and e-commerce retailers. The omnichannel strategy is also being used by several camera manufacturers to market their goods online. Therefore, increasing online retail sales and the omnichannel approach of mirrorless camera vendors in displaying their products will remain key market trends in the coming years and, therefore, will enhance the growth of the global mirrorless camera market during the forecast period.
Poor battery performance of mirrorless cameras is the major challenge impeding the market growth. A DSLR typically offers 600 shots per charge, however, mirrorless cameras can only offer 350 to 400. The EVF, Wi-Fi, continuous autofocus (AF), simultaneous EVF/LCD display, and eye detection EVF/LCD switching are the main features in mirrorless cameras that consume their batteries quickly. These features require more battery power as they are associated with electronic and wireless signals. Therefore, the battery life of mirrorless cameras is much lower when all these options are enabled.
While traveling, the battery charging can quickly deplete since frequent charging is impossible. To solve charging issues while traveling, Sony and several other manufacturers offer extra batteries. Yet if these batteries are used during the trip, rapid chargers are needed. Unlike DSLR batteries, mirrorless camera batteries require regular maintenance checks. Short battery life is the main reason for the low adoption of mirrorless cameras among professional end-users. Overall, the poor battery performance of mirrorless cameras will remain a key challenge for the global mirrorless camera market in terms of volume sales during the forecast period.
The report includes the adoption lifecycle of the market, 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 Mirrorless Camera Market Customer Landscape
Vendors 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.
Leica Camera AG - The company operates under one segment. Under this segment, the company offers manufacturing of cameras and sports optics. The company offers mirrorless cameras such as Leica M6, M-System silver chrome finish, and M-System black chrome finish.
The report also includes detailed analyses of the competitive landscape of the market and information about 11 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the offline segment will be significant during the forecast period. The global mirrorless camera market by the offline distribution channel is expected to expand steadily during the forecast period. The rise in organized retail store numbers will be a major driver fueling its growth. Even so, intense competition from the online distribution channel will see the offline distribution channel shedding 0.45% of its market share during the forecast period.
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The offline segment was valued at USD 1,448.44 million in 2017 and continued to grow until 2021. The growing availability of mirrorless cameras in emerging countries can be attributed to the increasing number of organized retail and electronics specialty stores. Moreover, major vendors such as Canon, Sony, and Nikon have established their own retail outlets globally, which gives consumers a wide variety of retailers to choose from. Overall, the offline distribution segment of the global mirrorless camera market is expected to report year-over-year growth during the forecast period.
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APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC accounted for the biggest revenue share of the global mirrorless camera market in 2022. The region is expected to retain its dominance of the market by growing at an impressive rate during the forecast period. Strong manufacturing activities and shipments of mirrorless cameras will boost the market in APAC. However, the Chinese market is expected to be buoyed by a surge in shipments of mirrorless cameras during the forecast period. Moreover, the entry of established brands in APAC, including Canon and Nikon, into the mirrorless camera market will further spur market growth during the forecast period.
The outbreak of COVID-19 in 2020 adversely affected the overall economic growth in APAC and this led to a significant decline in the production of mirrorless cameras. However, the lockdown restrictions were lifted in the second half of 2020 and business activities in the entertainment, sports, and media industries also resumed, which is expected to drive the demand for mirrorless cameras for various applications during the forecast period. Thus, the market in APAC is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global mirrorless camera market as a part of the global consumer electronics market within the global household durables market. The parent market, the global consumer electronics market, covers products and companies engaged in the manufacturing/marketing of consumer robotics, home audio and video products, televisions, digital cameras, and related products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Mirrorless Camera Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.55% |
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Market growth 2023-2027 |
USD 906.03 million |
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Market structure |
Concentrated |
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YoY growth 2022-2023(%) |
5.22 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 50% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Canon Inc., Eastman Kodak Co, FUJIFILM Corp., Leica Camera AG, Nikon Corp., Olympus Corp., Panasonic Holdings Corp., Ricoh Co. Ltd., Samsung Electronics Co. Ltd., SIGMA Corp., Sony Group Corp., and SZ DJI Technology Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our 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 Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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