Mirrorless Camera Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Mirrorless Camera Market Size 2024-2028 

The Mirrorless Camera Market size is forecast to increase by USD 1.25 billion, at a CAGR of 7.05% between 2023 and 2028.

 The market's growth is significantly influenced by various factors, including the introduction of new products in the mirrorless cameras segment. Additionally, the superior functional and performance benefits offered by mirrorless cameras contribute to market expansion. Furthermore, the rising prevalence of social media platforms fuels demand, as consumers increasingly seek high-quality imaging solutions for capturing and sharing content online. These factors collectively drive the growth of the market, shaping consumer preferences and market trends in the digital imaging industry.

What will be the Size of the Market During the Forecast Period?

Page Number	164
Forecast period	2024-2028
Historic period	2018 - 2022
List of Exhibits	172
Growth momentum & CAGR	Accelerate at a CAGR of 7.05
Market Growth 2024-2028	USD 1.25 billion

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Market Dynamic and Customer Landscape

The market is driven by advancements in photographic technology, offering vloggers and photography enthusiasts enhanced capabilities such as burst shooting and high-resolution sensors. With increasing demand for high-quality video content, mirrorless cameras provide superior image quality and connectivity options. However, challenges persist, particularly with competition from the smartphone industry, which offers convenient photography solutions. Additionally, despite their benefits, it face hurdles in matching the versatility and familiarity of DSLR cameras. Overcoming these challenges while leveraging AI capabilities and hybrid autofocus systems remains crucial for sustained growth in the market. Our researchers analyzed the data with 2023 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.

Key Market Driver

The market is experiencing significant growth due to its superior functional and performance benefits, driving increased global shipments. Initially introduced as a compact alternative to DSLR cameras between 2008-2012, it has evolved to offer enhanced shooting speeds and superior video quality. They lack mirrors and optical viewfinders, allowing for a more compact design compared to traditional DSLRs. Mirrorless cameras now compete fiercely, boasting features like AI-enhanced autofocus systems, burst shooting, and high-resolution sensors. Their versatility extends to travel photography, supported by features like electronic viewfinders and full-frame sensors. As social media platforms continue to drive demand, vloggers and professionals in the smartphone industry are increasingly turning to compact system cameras for their image quality and connectivity. Moreover, the invention of the Micro Four Thirds system further propels the growth of mirrorless cameras, offering compactness without cameras, offering compactness without compromising on quality or durability.

For example, in June 2022, Canon Inc. introduced its inaugural full-frame mirrorless camera, the EOS R, in India. Boasting advanced features like dual-pixel CMOS autofocus (AF) and new radio frequency (RF) lenses, along with 4K ultra-high definition capabilities, this camera caters to professional-grade photography needs. Concerns about lens compatibility are mitigated by the ability to interchange lenses in cameras using adapters, ensuring seamless integration with existing collections. As AI-enhanced autofocus systems and other photographic technologies continue to enhance mirrorless camera products, they remain highly versatile tools for professionals and enthusiasts alike. These advancements, coupled with increasing global shipments and the influence of social media platforms and vloggers, position mirrorless cameras as prominent players in the market, driving growth during the forecast period.

Key Market Trends

Integration of 8K resolution in mirrorless cameras is an emerging trend shaping market growth. 8k resolution in a mirrorless camera helps in providing sharper and clearer images. "8K cameras" seems to be a clear and concise statement. There are no apparent spelling, grammar, or punctuation errors in the text. such as Canon Inc. offer an EOS R5 45MP full-frame mirrorless digital camera body. 8K mirrorless cameras have a resolution of 7680 x 4320 pixels, which far exceeds the resolution of even the most advanced smartphone cameras. As a result, 8K cameras produce incredibly detailed and sharp images, making them ideal for applications such as filmmaking, large-scale printing, and professional photography that require high resolution. 8K resolution cameras have an advantage over high-end smartphones because they are dedicated to delivering uncompromised imaging performance.

Moreover, the colors in 8K videos are vivid, and the footage can be cropped even in full HD video resolution. The 4K resolution offers excellent stabilization features owing to the number of extra pixels in the image. Cameras integrated with 8K technology allow the extraction of frames from the video footage in playback mode. Thus, 8K resolution will soon become the most sought-after feature. Thus, the advantages of 8K resolution in mirrorless cameras will have a positive impact on the growth of the market during the forecast period.

Major Market Challenge

Limited lens selection of mirrorless cameras is a significant challenge hindering market growth. A DSLR camera precisely shows the image that it will capture through the lens optical viewfinder. Meanwhile, with a mirrorless camera, the user gets an on-screen preview of the image. Some offer EVFs that simulate optical viewfinders and show previews similar to the final image. However, in situations where a mirrorless camera is used to shoot fast-moving subjects under low-light conditions, the preview image will appear dull and grainy. This is because a mirrorless camera needs to slow down the speed at which it captures images to get more light but still has to display a moving preview to the user. A DSLR camera reflects light into the user's eye, which is better than a mirrorless camera sensor in low light.

Consequently, the previewing of images is better with DSLR cameras than with mirrorless cameras. Moreover, DSLR cameras are compatible with lenses of various specifications. Mirrorless models are more restricted and offer access to a small number of lenses supplied by the manufacturer. However, lenses of other specifications can be used with the help of an adapter. Hence, these limitations can hamper the market growth during the forecast period.

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Market Customer Landscape

The market forecasting 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 market growth analysis strategies.

 Customer Landscape

Who are the Major Market Companies?

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.

Canon Inc. - The company offers mirrorless cameras such as EOS R6 Mark II, EOS M50 Mark II, EOS M200, EOS R100, EOS R50 and EOS R8.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 13 market companies, including:

• Carl Zeiss AG
• Eastman Kodak Co.
• FUJIFILM Holdings Corp.
• Leica Camera AG
• Nikon Corp.
• Olympus Corp.
• Panasonic Holdings Corp.
• Phase One AS
• Samsung Electronics Co. Ltd.
• SIGMA Corp.
• Sony Group Corp.
• SZ DJI Technology Co. Ltd.

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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 market 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.

What is the Largest-Growing Segment in the Market?

The interchangeable lens segment is estimated to witness significant growth during the forecast period. Mirrorless interchangeable lens cameras are also called compact system cameras. These cameras are similar to DSLR cameras but are more compact. Mirrorless interchangeable lens cameras do not have viewfinders and, therefore, are smaller than DSLR cameras. These have LCD screens or electronic viewfinders, which enable users to preview the scene while taking photographs.  

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The interchangeable lens segment was the largest and was valued at USD 1.88 billion in 2018. They also have stronger image sensors than compact cameras, which help them generate a DSLR-like image quality. Mirrorless interchangeable lens cameras are preferred by people who want DSLR-quality images while using compact cameras. Some of the popular models that fall under this category are Sony A7R II (Sony Group Corp.), Olympus PEN-F (Olympus Corp.), Sony Alpha 6000 (Sony Group Corp.), Sony A6300 (Sony Group Corp.), and Panasonic Lumix DMC-G7 (Panasonic Holdings Corp.). These mirrorless interchangeable lenses are more expensive than other types of digital models, with not much difference in quality when compared to DSLR models. This makes them less popular among users. Also, the popularity of smartphones has made an impact on the sales of mirrorless interchangeable lens cameras. These factors can hinder the growth of the interchangeable lens segment in the market during the forecast period.

Which are the Key Regions for the Market?

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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. 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 will boost the market in APAC. However, the Chinese market is expected to be buoyed by a surge in shipments. Moreover, the entry of established brands in APAC, including Canon and Nikon, into the regional market will further spur market growth during the forecast period. However, smartphones are expected to pose a significant threat to the market in APAC. The penetration of smartphones is the highest among all smart gadgets in the region. A large number of consumers consider smartphones to be multi-utility products.

Therefore, the demand is declining. This, in turn, is decreasing the demand as well as related equipment, such as tripods and docking stations. The significant growth of the urban population in the region has led to a rise in people's disposable income, which, in turn, has increased the purchasing power of smartphone customers. The growth of the smartphone market in the region is also driven by various other factors, such as the development of advanced telecom infrastructure and the emergence of budget-centric smartphones. Such factors are expected to drive the regional market growth during the forecast period. 

Segment Overview

The research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.

• Type Outlook
  • Interchangeable lens
  • Fixed lens

• Distribution Channel Outlook
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is witnessing significant growth driven by technological advancements such as AI and computational photography. These innovations enable scene detection and shooting assistance, enhancing the shooting experience for photographers and filmmakers alike. With features like interchangeable lenses and weather-resistant builds, mirrorless models cater to diverse customer lifestyles and professional needs. The incorporation of full-frame sensors and high-resolution processors like the BIONZ XR ensures superior image quality and cinematic features, appealing to both amateurs and professionals. Additionally, advancements in connectivity, such as Bluetooth and Wi-Fi, facilitate seamless sharing of digital media. As urbanization continues and consumer preferences evolve, their compact designs and versatile capabilities are poised to dominate the market.

Additionally, the market is witnessing a surge in demand, driven by advancements in technology such as AI and computational photography. These innovations enhance features like scene detection and shooting assistance, providing photographers with greater flexibility and precision. With the rise in popularity of mirrorless camera products over traditional DSLRs, manufacturers are investing in mirrorless lenses and improved optical assemblies to meet diverse consumer needs. Additionally, the market is witnessing a trend towards compact and versatile travel cameras, offering functionalities such as Wi-Fi connectivity and remote control for enhanced convenience. As the demand for high-resolution imagery and cinematic capabilities grows, mirrorless models equipped with full-frame image sensors and advanced processors like the BIONZ XR are becoming increasingly popular among filmmakers and photographers alike.

Furthermore, the market is experiencing a transformative shift with the integration of AI and computational photography technologies. These advancements enhance image quality and shooting capabilities, offering photographers greater flexibility and precision. Unlike traditional DSLR and mirrorless cameras boast compact designs and interchangeable camera lenses, allowing users to customize their setup for various shooting scenarios. With innovations in optical assembly and multiple lenses, photographers can achieve stunning results, including out-of-focus backgrounds and improved image resolution. Additionally, features like pan/tilt/zoom functionality and UHD 4K video support make it a versatile tool for capturing everything from short films to marketing videos. As technology continues to evolve, it equipped with advanced processors like the BIONZ XR and 4 EXPEED seven image processors are becoming increasingly popular among photographers seeking cutting-edge gear improvements

Market Scope
Report Coverage	Details
Base year	2023
Market structure	Concentrated
YoY growth 2023-2024(%)	6.02
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 50%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Canon Inc., Carl Zeiss AG, Eastman Kodak Co., FUJIFILM Holdings Corp., Leica Camera AG, Nikon Corp., Olympus Corp., Panasonic Holdings Corp., Phase One AS, Samsung Electronics Co. Ltd., SIGMA Corp., Sony Group Corp., and SZ DJI Technology Co. Ltd.
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, Market condition analysis for the forecast period.
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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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