The global photography equipment market is projected to register a CAGR of 5.78% during the forecast period, 2020 to 2025.
Currently, the market is foreseeing high demand for high-quality cameras with integrated modern technology. Products like cameras, lenses, and other photography equipment with innovative features and functionalities are priced higher compared to other regular product offerings. In line with the above-mentioned factors, many players are launching premium photography equipment that incorporates the use of innovative technologies.
Key Market Trends
Increasing sale of Photography Equipment’s from Online Retailing Channels
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 a 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.
Surge in Product Innovation & Manufacturing Enterprise Growth
With rapid technological advancements, the photography concept has gone through very radical change, with a major focus on innovation in terms of technology, performance, features, and design. Certain innovation in the photography equipment market has also escalated the establishment rate, wherein, countries such as France have recently witnessed a growth in terms of manufacturing enterprises solely meant for optical instruments and photography equipment. Furthermore, technological innovation and product differentiation are expected to be the primary factors defining the growth of the mature markets of the Americas, Europe, and Japan. For instance, Japan-based Fujifilm has launched its latest camera under the X Series. The X-T30 features the latest 26.1MP X-Trans CMOS 4 sensor and X-Processor 4 image-processing engine. The X-Trans CMOS 4 sensor has 2.16 million phase detection pixels. The camera offers high accurate AF performance with shooting capability of up to 30 fps.
The global photography equipment market is consolidated with major players accounting for a significant share globally. Technological know-how, along with product innovation are the major inputs that have enabled companies to operate in such a competitive environment.
Major Key Players operating in the photography equipment market are Canon Inc., Fujifilm Holdings Corporation, Nikon Corporation, Panasonic Corporation, Samsung electronics co, Sony Corporation, Leica Camera AG, Olympus Corporation, Hasselblad, and others.
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