Digital Camera Market Size, Trends and Growth Analysis by 2027

The global digital camera market is projected to expand from US$ 8,290.25 million in 2021 to US$ 12,119.44 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.6% during the period from 2021 to 2028.

Recent advancements in artificial intelligence (AI) and computational imaging are significantly enhancing low-light photography capabilities in digital cameras. Features like Google's Night Sight and Apple's Night Mode exemplify this trend. For example, Sony's A9 mirrorless camera incorporates Real-time Tracking and Real-time Eye AF technology. Following this innovative path, other manufacturers such as Canon and Nikon are also prioritizing AI integration in their digital camera offerings. Furthermore, the emergence of smart camera assistants like Arsenal is paving the way for AI-driven functionalities that can enrich the overall photography experience. The capability to capture high-quality images and videos in low-light conditions is now comparable to that of advanced digital cameras.

In response to the competitive smartphone market, digital camera manufacturers are innovating by incorporating multiple camera systems. The development of these multi-camera setups, which support augmented reality (AR) and virtual reality (VR) photography and videography, is recognized as a significant technological advancement. These systems enhance the ability to map environments and generate superior data for depth processing. As consumer preferences shift towards more sophisticated photography, the evolving landscape of digital cameras is expected to create substantial growth opportunities. The market's expansion is anticipated to be bolstered by advanced imaging technologies and the integration of autonomous systems. Additionally, the future development of multi and hyperspectral cameras, along with the miniaturization of pixels, is likely to place further demands on optics in next-generation systems, ultimately improving lens quality and performance.

The digital camera market is categorized based on type, end user, and geographical region. In terms of type, the market includes categories such as compact digital cameras, bridge cameras, DSLR cameras, mirrorless cameras, digital rangefinder cameras, and line-scan cameras. The DSLR camera segment held the largest market share in 2020. Regarding end users, the market is divided into personal and professional segments, with the professional segment accounting for a significant portion of the market in 2020. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with APAC representing a substantial share of the global market in 2020.

The ongoing pandemic has profoundly impacted the digital camera industry, leading to a decline in market growth. The COVID-19 crisis disrupted operational efficiencies and value chains due to the abrupt closure of borders, resulting in revenue losses and operational challenges. This disruption has adversely affected the supply of raw materials, further hindering the growth of the digital camera market. For instance, Canon reported that the market for interchangeable-lens digital cameras faced significant challenges, although sales of their new mirrorless models, the EOS R5 and EOS R6, were relatively strong. Similarly, Nikon experienced a notable decrease in digital camera sales but has implemented strategic measures to address pandemic-related losses. The company established an Emergence Management Headquarters based on Pandemic Management Manuals and Business Continuity Management (BCM) Standards to mitigate operational inefficiencies and maintain revenue generation during these challenging times.

The overall size of the digital camera market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also provided a comprehensive overview and forecast of the digital camera market across all segments. Additionally, primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the digital camera sector.

Key players in the global digital camera market include Canon Inc., Eastman Kodak Company, Fujifilm Holdings Corporation, Leica Camera AG, Nikon Corporation, Om Digital Solutions Corporation, Panasonic Corporation, Hasselblad, Ricoh Imaging Company, Ltd, and Sony Corporation.