Digital Camera Market Dwindling Due to Integration into Other Devices
The history of a digital camera dates back to 1961 when it was first created for capturing images of planets and stars in the space. Later, it was developed by Steven Sasson, an engineer of Kodak, in the year 1975 using parts of Motorola along with Kodak movie-camera lens. Currently, the demand for digital camera is dwindling owing to integration into other devices, ranging from a smartphone to a vehicle. According to research analysts at IMARC Group, the global digital camera market was worth US$ 18.6 Billion in 2017.
Advent of High-Resolution Camera in Smartphones Acts as A Threat Against the Market
Manufacturers of digital camera are encountering a constant challenge from the smartphones industry due to the technological improvements administered in the inbuilt cameras of mobile phones and other devices. The sale of smartphones is constantly boosting on account of its easy accessibility for capturing images. With the launch of each smartphone, the specification of a mobile-camera is getting enhanced, thereby lowering the demand for digital cameras. While digital cameras are meant to perform only one task, i.e. for clicking pictures, smartphones offer several other functions like calling, texting, gaming, entertaining, etc. Moreover, lack of innovation from the manufacturers of digital camera is failing to intrigue the consumers to invest in new model of cameras. Apart from this, the emergence of rental systems is also responsible for diminishing sales in the digital camera market size.
Interchangeable Lens Camera Represents the Most Popular Product Type
The digital camera market segmentation on the basis of product type includes interchangeable lens cameras and built-in lens cameras. Interchangeable lens camera is the most popular type, enjoying approximately 67% of the total digital camera market share. An interchangeable lens camera is known for its potential to produce high-quality as well as sharp images. The body of the camera is attached with an optical lens which can be changed and removed as per the requirement. Interchangeable lens cameras are divided into digital single lens reflex (SLR) cameras, digital rangefinders and line-scan camera systems.
The built-in lens cameras account for the remaining 33% of the share. These cameras are smaller in size and lighter in weight as compared to the interchangeable lens cameras. Built-in cameras are segmented as integration camera, bridge cameras and compact digital cameras.
Canon Inc. and Nikon Corporation leading the Market
The highly concentrated and competitive global market of digital camera consists of several big manufacturers. Canon Inc. and Nikon Corporation are the biggest players in the market, exhibiting a competitive edge over other players in terms of quality and product pricing. Other key players include Sony Corporation, Panasonic Corporation and Olympus Corporation.
Looking forward, the global digital camera market is expected to witness a downfall owing to the ongoing technological advancements in everyday gadgets like smartphones, tablets, laptops, etc. It is anticipated to reach US$ 8.9 Billion by 2023, exhibiting a CAGR of nearly -11.5% during 2018-2023.
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