Market Research Report
Photography Equipment Market - Segmented by Product Type (Camera, Lens, and Other Photography Equipment's), by Distribution Channel (Online Channel and Offline Channel), and Geography - Growth, Trends and Forecasts (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||754943|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Photography Equipment Market - Segmented by Product Type (Camera, Lens, and Other Photography Equipment's), by Distribution Channel (Online Channel and Offline Channel), and Geography - Growth, Trends and Forecasts (2018 - 2023)|
|Published: October 1, 2018||Content info: 100 Pages||
The photography equipment market is projected to grow at the CAGR of 6.12% during the forecast period, 2018 to 2023. Earlier photography equipment's were popular mostly among professional photographers. However, within last few years, many non-professional photographers, especially millennial have started buying photography equipment like cameras, different type of lenses, and others owing to increasing interest in photography and growing trend of sharing professional-like photographs on social media platforms like Facebook, Instagram, and others. Currently, the market is foreseeing high demand for high-quality cameras with integrated modern technology. Products like cameras, lens, and other photography equipment's with innovative features and functionalities are priced higher compared to other regular products offerings. Thus, many players are launching premium photography equipment which use innovative technology. For instance, in 2018, FUJIFILM Holdings Corporation launched a premium compact digital camera "FUJIFILM XF10" (XF10) which enables superior image quality with proprietary color reproduction technology.
The growing popularity of online retailing is increasingly making it easier for professional and non-professional photographers to browse and purchase from a wide range of photography equipment available online. Consumers have an option to choose photography equipment that matches their requirements and is compatible with the digital camera that they own. Further, online retailing is making the overall shopping experience easier, and the ability to market and sell these products online opens up new avenues for large number of vendors to expand their business in terms of product availability and accessibility. Players like Nikon Corporation, Canon Inc., Eastman Kodak Company, and others are running online portals and having tie-ups with e-retailers to sell photography equipment. It is expected that increasing penetration of the internet will enable many players to offer a large number of photography equipment categories and also widen their customer base for their products.
Adoption of tripods is increasing at a fast pace and is expected to continue the same during the forecasted period. This is because, photographers often look for tripods in order to support the combined load of their camera and lens. Further, tripods are portable and thus photographers have the liberty to shoot as per their convenience. This is one of the major factor, which is driving the tripod stand market. Currently, players operating in the market are majorly paying attention on manufacturing tripods that suit the different need of photographers. For instance, in 2017, Benro introduced iFoto special edition tripods designed specifically for travel photographers.
Asia-Pacific photography equipment market is expected to grow at a high rate during the forecasted period. This is because, economies in countries like China, Japan, South Korea, India, and others is growing at a fast rate and thus large number of people in these countries are able to afford photography equipment. Players operating in the market are increasingly showing interest to expand their presence in emerging countries across the globe with new product offerings. For example, in 2018, FUJIFILM Holdings Corporation launched medium format "GFX50s" mirror less camera in India.
2018 - Sony Corporation claimed that it has sold more full-frame cameras than any other brand in the US over the past six months, measured both in terms of units sold as well as by value.
2018 - Nikon Corporation introduced its first full-frame mirrorless cameras, designed specifically for photography enthusiasts and professionals. With this launch, the company is making high-end cameras less bulky than before and is even providing opportunity to develop new types of lenses.
Major Players - Canon Inc., FUJIFILM Holdings Corporation, Nikon Corporation, Panasonic Corporation, SAMSUNG ELECTRONICS CO, Sony Corporation, Leica Camera AG, Olympus Corporation, Hasselblad, RICOH IMAGING COMPANY, LTD., and others.
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.