Digital
camera is one of the fastest growing markets globally. In the past,
photography was considered to be an expensive and unprofitable hobby.
However, thanks to the evolution of technically advanced options of
digital photography, sharing photos and videos has become quite a
trend in the present decade. With the invention of newer, sleeker,
and more pocket-friendly options of digital cameras, photography is
increasing in popularity both among professionals as well as
amateurs. Moreover, consumers prefer owing personal digital cameras
with which they can capture special and important moments of their
lives, whether at celebrations or during events. This has led to the
impressive growth of the digital camera market in the global
scenario.
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U.S.,
Europe, and Asia Pacific Account for Lion’s Share in the Global
Digital Cameras Market
The
key segments of the global digital cameras market on the basis of
product types include bridge cameras, digital rangefinders, line-scan
camera systems, mirror-less interchangeable-lens cameras, digital
single lens reflex (SLR) cameras, compact digital cameras,
waterproof, and integration. In terms of geography, the global market
for digital cameras can be segmented into North America, Europe, Asia
Pacific, and the Rest of the World.
The
maximum demand for digital cameras globally is registered by North
America, Europe, and Asia Pacific. The United States came across as
one of the major contributors towards the global digital camera
industry accounting for the lion’s share in the global market.
Among the countries in Asia Pacific, India, Russia, and China offer
maximum opportunities for manufacturers to capitalize on.
Technological
Advancements Leading to Reduction in Cost of Photography
The
advent of digital cameras has significantly reduced the average cost
of photography. The conventional analog cameras required expensive
films for capturing images. The cost of processing the images in
laboratories to convert films into photographs entailed added
expenditure. Besides, the option of viewing the image captured was
absent in old analog cameras. The invention of digital cameras
changed the fundamentals of photography significantly. They have
enabled photographers to view the images just after capturing a shot
on LCDs. If the photographer is not happy with the shot, he also has
the option of deleting the image. Additionally, since digital cameras
do not require films, the necessity of printing the photographs does
not arise. One could simply store the photographs in a computer hard
drive and view the image anytime they want. The range of similar
advantages offered by digital cameras has bolstered its demand
considerably in the consumer electronics segment.
Factors
such as rising levels of income of consumers and increase in sales of
digital SLR cameras are expected to significantly boost the demand
for digital cameras in the global market. Apart from this,
introduction of new technologies in digital cameras such as
capacitive screen, integration of easy social sharing attributes, and
ability to click HD quality images has been instrumental in the rapid
increase in sales of digital cameras in the global market.
Advent
of High-Resolution Camera Smartphones to Emerge as a Major Bottleneck
Despite
registering significant rise in demand, the increased adoption of
smartphones has emerged as one of the major factors impacting the
overall sales of digital cameras. This is with special reference to
the point and shoot cameras. An increasing number of users are
getting accustomed to using high-resolution camera smartphones to
capture images. This trend poses a serious threat to the global
demand for digital cameras.
Incorporation
of Advanced Technology to Boost Purchase of Digital Cameras
Integration
of advanced technologies such as high-definition video, capacitive
screen, wireless connectivity, sophisticated image detection
features, and improved zoom lenses is likely to spur the purchase of
digital cameras among consumers. Additionally, growing popularity of
digital single lens reflex cameras (DSLR) will offer immense growth
opportunities for the market.
Leading
Players Dominating the Market
The
global market for digital cameras is at present dominated by major
companies such as Canon Corporation, FujiFilm, Olympus Corporation,
Samsung, Sony Corporation, Eastman Kodak, Minolta, Casio Corporation,
Kyocera, Ricoh, Hewlett Packard Company, Matsushita (Panasonic),
Japan Victor Company (JVC), Polaroid, and Sanyo.
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