Global Digital Camera Market Growth Restrained by Rising Smartphone Adoption

(MENAFNEditorial) The global digital camera market has witnessed a marginal growth over the years. This can be accredited to the increasing penetration of smartphones among consumers coupled with a lack of innovation and consumer engagement by the manufacturers. The latest report by IMARC Group, titled 'Digital Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022, finds that thereached a value of US$ 7.3 Billion in 2016. A digital camera is a device in which photographic images and videos are recorded and stored in a digital form. It is user-friendly, economical and eliminates the need to develop the film. Digital camera offers a variety of functions like removable memory card, auto focus, best-shot selector, aperture or shutter priority, panorama assist, digital zoom, etc. However, with the emergence of high-resolution camera in smartphones there has been a threat to the demand for digital cameras as users can use their easily accessible mobile devices for capturing images.

Highlights of the global digital camera market:

The increasing adoption of smartphone by consumers is the key factor restraining the market growth.

Asia Pacific represents the largest market, accounting for the majority of the total share.

The United States is the largest importer and China is the largest exporter.

The rising usage of smartphones with internet connectivity which enables the users to upload the pictures on social networking sites represents the major factor hampering the global digital camera market. Additionally, the demand for digital camera in the developed countries is reaching maturity due to high ownership level of digital cameras coupled with a sluggish economic growth. Further, on account of minimal consumer engagement and a lack of innovation, the customers are no longer willing to buy new models of digital cameras, thereby limiting the growth of the digital camera market globally. Owing to these factors, the global digital camera market is further expected to reach a value of US$ 5.4 Billion by 2022, exhibiting a CAGR of nearly 5% during 2017-2022.

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The market is segmented on the basis of type into built-in lens cameras, interchangeable lens cameras, compact digital cameras, bridge cameras, digital single lens reflex (SLR) cameras, digital rangefinders, line-scan camera systems, integration camera and water-resistant cameras. Region-wise, Asia Pacific currently accounts for the majority of the global share, dominating the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America. On analysing the import-export scenario, the United States is the largest importer and China is the largest exporter of digital cameras. On evaluating the competitive landscape of the market, it is found that the key players are Canon, Inc., Nikon Corporation, Sony Corporation, Panasonic Corporation and Olympus Corporation.

The report by IMARC Group has examined the global digital camera market on the basis of:

Type:

Built-in lens Cameras

Interchangeable lens cameras

Compact Digital Cameras

Bridge Cameras

Digital Single Lens Reflex (SLR) Cameras

Digital Rangefinders

Line-scan Camera Systems

Integration Camera

Water-resistant Camera

Region

Asia Pacific

Europe

North America

Middle East and Africa

North America

Key Players:

Canon, Inc.

Nikon Corporation

Sony Corporation

Panasonic Corporation

Olympus Corporation

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