How Is The Global Digital Camera Market Defined?
A digital camera is an electronic device that records and stores photographic images in digital form rather than on traditional photographic film. It offers various features and functionalities, including different shooting modes and adjustable settings for exposure and focus, and often includes built-in image processing capabilities. Digital cameras enable users to preview and review their images instantly on a display screen, facilitating easy sharing and editing of captured media through digital platforms.
Digital Camera Global Market Report 2024 provides data on the global digital camera market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Digital Camera market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Digital Camera Market Size And Growth Rates Projected To Evolve?
The digital camera market size has grown strongly in recent years. It will grow from $6.44 billion in 2023 to $6.81 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased innovations to make the devices more user-friendly, consumer electronics market growth, rise of social media and digital sharing, integration with other devices, and improved image quality and features. The digital camera market size is expected to see strong growth in the next few years. It will grow to $8.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the rise of mirrorless cameras, enhanced connectivity features, focus on sustainability and eco-friendliness, demand for specialized cameras, and emerging market growth. Major trends in the forecast period include advancements in sensor technology, integration of artificial intelligence, focus on specialized cameras, sustainability and eco-friendly design, and customization and personalization.
What Are The Essential Drivers Behind The Growth Of The Digital Camera Market?
The increasing penetration of smartphones is expected to propel the growth of the digital camera market going forward. Smartphones refer to mobile devices that combine the functionality of a cellular phone with features typically found in a personal computer. Smartphone penetration is rising due to technological advances, affordability, better connectivity, diverse functions, ecosystem integration, and digital lifestyle trends. Smartphones enhance digital cameras by offering editing tools, instant sharing, connectivity, and serving as complementary devices for storage, remote control, and content management. For instance, in April 2022, according to the Department of Telecommunications under the Ministry of Information and Communications, smartphone subscribers in Vietnam increased from 91.3 million in 2021 to 93.5 million in 2022, equivalent to 73.5% of the nation's adult population. The increasing penetration of smartphones is driving the growth of the digital camera market.
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How Is The Global Digital Camera Market Divided Into Key Segments?
The digital camera market covered in this report is segmented –
1) By Type: Compact Digital Cameras, Mirrorless Interchangeable Lens Cameras, Digital Single-Lens Reflex Cameras
2) By Lens Type: Built-In, Interchangeable
3) By Digital Sensor Type: Charge-Coupled Device (CCD) Sensor, Complementary Metal-Oxide-Semiconductor (CMOS) Sensor, Live Metal-Oxide-Semiconductor (MOS) Sensor
4) By Resolution: Low-Resolution Cameras, High-Resolution Cameras
5) By End User: Personal, Profession
What Trends Are Reshaping The Future Of The Digital Camera Market?
Companies in the digital camera market are innovating with next-generation compact cameras to cater to advanced photography needs. For example, in February 2024, Fujifilm Holdings Corp. launched the X100VI Digital Camera. This compact camera features a 5-axis in-body image stabilization system, a 40.2-megapixel X-Trans CMOS 5 HR sensor, and a fixed 23mm F2.0 lens. It includes advanced features like an Advanced Hybrid Viewfinder, 6.2K movie recording, and Camera to Cloud integration for Adobe’s Frame.io, supporting versatile shooting styles and wireless uploads.
What Is The Fastest Growing Region In The Digital Camera Market?
Asia-Pacific was the largest region in the digital camera market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital camera market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
