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The photography equipment market size is forecast to increase by USD 3.61 billion, at a CAGR of 5.5% between 2023 and 2028. The growth of the market depends on several factors such as product innovation and portfolio extension leading to premiumization, the rise in replacement demand for compact cameras, and the renewed interest in sports, wildlife, and action photography.
The report includes a comprehensive outlook on the Photography Equipment Market, offering forecasts for the industry segmented by Distribution Channel, which comprises offline, and online. Additionally, it categorizes Product into cameras, and lenses and others, and covers Regions, including North America, APAC, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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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.
The rise in replacement demand for compact cameras is the key factor driving market growth. The cameras segment of the global photography equipment market accounted for the more significant share of the global photography equipment market in 2023. Therefore, this segment is the major contributor to the global market. However, the cameras, particularly compact digital cameras, in many countries have reached maturity. Therefore, the compact digital camera industry has become saturated in developed markets. This has raised the replacement demand for compact cameras.
Furthermore, DSLR cameras and mirrorless interchangeable-lens cameras experience high demand due to their advanced performance in the camera industry. Therefore, this rise in replacement demand will increase the volume of sales of other types of cameras that come with advanced features and will contribute to the growth of the market during the forecast period.
Growing demand for smart connectivity in cameras is the primary trend shaping market growth. Tech-savvy customers seek cameras with additional advanced features such as smart- connectivity. With growing wireless connectivity in many electronic products, manufacturers in the photography equipment market also introduced the wireless connectivity feature in their camera offerings.
In addition, Nikon Corp. and Canon Inc. are some of the prominent market players that offer wireless connectivity features in their cameras. This feature lets users connect their smartphones to their cameras either using Bluetooth or Wi-Fi. Consequently, customers can easily check their captured photos and videos on their smartphones and save them for future use. Therefore, the demand for smart connectivity in cameras for instant sharing is growing, which will drive market growth during the forecast period,
The high adoption of smartphones is a challenge that affects market growth. The rise in the number of smartphone users has adversely affected the global photography equipment market. This has negatively affected digital camera manufacturers, who produce built-in lens digital cameras or shoot cameras, as smartphones are equipped with built-in lenses that deliver high-image quality. Therefore, customers are investing more in smartphones that can perform multiple functions. Players in the smartphone industry are offering mobile devices with high-resolution dual camera lenses, which are experiencing high demand.
The manufacture of smartphones with high-resolution cameras is a threat to the demand for digital and DSLR cameras since using mobile devices to capture images and videos is easier. Thus, the rising global smartphone penetration is expected to be a key challenge for the market. In addition, web connectivity offered by smartphones also makes uploading pictures on social networking sites convenient. Thus, the increasing adoption of smartphones will impede the growth of the market during the forecast period.
The market research 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.
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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market 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 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.
The offline segment is estimated to witness significant growth during the forecast period. Photography equipment such as cameras (including digital compact cameras and DSLR cameras), GPS receivers, lens mounts, optical filters, photographic chemicals, photographic films, photographic lenses, superzoom lenses, and many others are sold through the offline distribution channel, which includes retail formats such as specialty stores, hypermarkets, department stores, and warehouse clubs.
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The offline segment was the largest segment and valued at USD 8.95 billion in 2018. In addition, market players have their retail stores, and they are continually expanding the number of their retail stores. For example, in August 2022, Canon Inc. opened its innovative and futuristic Image Square 4.0 store in Kolkata, West Bengal. Consequently, continued expansion of physical retail stores, especially in regions where consumers prefer hands-on experiences before making purchase decisions, strategic partnerships with brick-and-mortar retailers, along with the convenience and accessibility they offer, will contribute to the sustained growth of the offline distribution channel in the market during the forecast period.
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APAC is estimated to contribute 42% 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. Another region offering significant growth opportunities to market players is North America. The US is the major revenue-contributing country in North America. The market in the region is expected to reach saturation during the forecast period because of the early adoption of photography equipment.
Additionally, the high penetration of smartphones poses a threat to the photography equipment market. Furthermore, North America has a thriving professional photography and filmmaking industry. The demand for advanced cameras, lenses, and studio equipment from professionals contributes significantly to market growth. Thus, such factors will fuel the growth of the North American photography equipment market during the forecast period.
The photography equipment market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
Photography Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
Market Growth 2024-2028 |
USD 3.61 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.14 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ARRI AG, Bron Elektronik AG, Canon Inc., Carl Zeiss AG, CASIO Computer Co. Ltd., Eastman Kodak Co., FUJIFILM Corp., Kenko Tokina Co. Ltd, Leica Camera AG, Nikon Corp., Olympus Corp., Panasonic Holdings Corp., Phase One AS, Polaroid International B.V., Ricoh Co. Ltd., Samsung Electronics Co. Ltd., SIGMA Corp., Sony Group Corp., SZ DJI Technology Co. Ltd., and Tamron 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, and 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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