Digital Camera Market is to Hit 7.1% CAGR by 2030 | Increasing Use in Sports Media to Boost Global Market Growth
Sep 28, 2022
Digital Camera Market Analysis
The global Digital Camera Market will reach USD 5.1 billion at a 7.1% CAGR by 2030, states the new Market Research Future report.
Digital Camera Market Key Players
Eminent market players profiled in the global digital camera market report include-
- Eastman Kodak company (U.S.)
- koninklijke Philips N.V (Netherlands)
- Pentax corporation (Japan)
- Samsung group (South Korea)
- Panasonic corporation. (JAPAN)
- OLYMPUS Corporation (Japan)
- Fujifilm Holdings Corporation (Japan)
- SONY Corporation- (Japan)
- Nikon Corporation (Japan)
- Canon Inc. (Japan).
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Market Size in 2030
USD 5.1 Billion
CAGR of 7.1% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Digital Camera Market Drivers
Increasing Use in Sports Media to Boost Market Growth
The increasing usage of digital cameras in sports media will boost market growth over the forecast period. The stadium’s high-speed & digital camera system allows viewers to witness slow-motion repeats in critical game conditions and improves accuracy while viewing.
Rising Use of Social Media Platforms to offer Robust Opportunities
The rising use of social media platforms will offer robust opportunities for the market over the forecast period. Users join these social networks to stay in touch with family, friends, and people from all cultures, races, and customs. People utilize these social networking sites to develop social relationships because they are powerful platforms. Furthermore, the number of active users on social networking sites is steadily expanding. As a result, the increasing usage of social networking sites is expected to influence demand for digital cameras.
Demand for Alternative Products to act as Market Restraint
The growing need for alternative products like tablets and smartphones amongst people for video and image capturing may act as a market restraint over the forecast period.
High Cost of Digital Cameras to act as a Market Challenge
The high cost of digital cameras may act as a market challenge over the forecast period.
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Digital Camera Market Segmentation
The global digital camera market is bifurcated based on components, digital sensor types, and product type.
By product type, DLSR will lead the market over the forecast period.
By digital sensor types, CMOS sensor will dominate the market over the forecast period.
By components, the digital camera market is segmented into memory card, LCD screen, lenses, and others.
The current epidemic has radically altered the condition of the digital camera business and has had a detrimental impact on market growth. Due to the unexpected closing of national & international borders, the COVID-19 epidemic has altered operational efficiency and interrupted value chains, resulting in revenue loss and harm. The disruptive value chain has had a severe influence on raw material supply, affecting the growth of the digital camera market. Companies such as Canon, for example, claimed that the market for interchangeable-lens digital cameras was suffering; but, sales of the new mirror-less camera range EOS R5 and EOS R6 were considerably higher. Nikon also reported a significant drop in digital camera sales. However, the corporation has deliberately planned and framed measures to offset the pandemic’s losses.
Digital Camera Market Regional Analysis
North America to Lead Digital Camera Market
Because of the growing adoption of technologically advanced products, increasing demand for lightweight, high-quality digital cameras, and the rise in use of digital cameras in entertainment, media, and sports, the North American region controls a substantial number of market shares. Because of the high rate of acceptance of technologically advanced products, North America is expected to lead the worldwide digital cameras market during the forecast period. The growing demand for lightweight, high-quality digital cameras is driving the global digital camera market. Furthermore, rising use of digital cameras in entertainment, media, and sports boosts the North American digital camera industry.
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APAC to Have Favorable Growth in Digital Camera Market
The APAC is the fastest-growing region due to rising population and market trends, which are driving the expansion of the Digital Camera Market. The presence of a massive population & rising disposable per capita income are driving market sales. Furthermore, the region provides low-cost products with rudimentary functionality. In recent years, this market has seen increased demand from countries such as Japan, Indonesia, India, & China. The Asia Pacific digital camera market is expected to expand rapidly due to an increase in photography trends in the region.
Due to the region’s enormous population and expanding consumer needs, Asia Pacific is a significant market for digital cameras. The US is a key importer, and China is the world’s leading exporter of digital cameras. Because of the region’s continually increasing population and rising consumer affluence, Asia Pacific is expected to have a large proportion of the digital camera industry. When analyzing the industry’s import and export situation, it was discovered that the United States is the primary importer, while China is one of the world’s major exporters of digital cameras. Consumer income rise, as well as technical developments like as HD quality cameras and tactile automation, is predicted to positively influence market growth.
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