Currently, digital camera vendors are facing a huge dilemma as demand for point-and-shoot cameras is being cannibalized by smartphones as most are equipped with high-resolution cameras and supporting applications that enhance the captured image and allow it to be shared with others using the internet.
In 2013, built-in lens cameras held a 76 percent share in the Global Digital Camera Market. However, consumer spending for this segment is expected to decline during the forecast period as many consumers have opted to save money by only using one device for picture-taking, leading many to choose their smartphone which has numerous other applications.
The DSLR Camera to the Rescue
Fortunately for digital camera vendors, there is one thing that smartphones can’t do (yet) that digital cameras can: interchange lens. Although smartphones and other camera phones discourage the purchase of point-and-shoot cameras, they act as an enabler for the sales of DSLR cameras and MILCs, which use interchangeable lenses to achieve high-quality shots. They help consumers gain an interest in photography, contributing to the purchase of DSLR cameras and MILCs, which is one of the trends that is expected to drive the Global Interchangeable Lens Camera market during the forecast period.
DSLR cameras have a mirror that reflects the light from the lens through the view finder. This reflected light is focused onto the sensor, which then processes the data. The lenses used in these cameras can be changed, which gives the user a wide choice for different applications. These cameras are generally used by professionals.
The Interchangeable Lens Camera Market
In 2013, interchangeable lens cameras only accounted for 24 percent of market shares. However, this number is expected to nearly double to 41 percent by 2018, meaning that almost half of digital camera sales are now generated from interchangeable lens camera.
The Global Interchangeable Lens Camera Market shipped 24.9 million units in 2013. This is expected to increase to 88.2 million units by 2018, growing at a CAGR of 28.78 percent. In turn, the Global Digital Camera Market is expected to post a reasonably impressive CAGR of 16.17 percent for the 2013-2018 period.
The Global Interchangeable Lens Camera market is growing at a rapid pace. The main factors for this growth are the growing disposable income in the emerging markets such as India, China, and Brazil and an increasing number of existing users in the developed markets of Europe and North America.
The introduction of mirror-less cameras has increased the demand for interchangeable lens cameras in developed regions. These cameras are sleek and compact, similar to the compact point-and-shoot cameras, but use interchangeable lenses. Consumers in developed markets such as North America and Europe are replacing their compact built-in lens cameras with the latest interchangeable lens cameras.
Increasing MILC Popularity
Furthermore, The Global Digital Camera market is being driven by an increase in demand for MILCs among end-users. MILCs are lighter than DSLR cameras and are becoming popular among women. In 2008, Panasonic introduced the first mirror-less compact system cameras in the US market and targeted women through print and online advertisements. It also sold its mirror-less cameras in the stores most often visited by women, which increased the awareness of MILCs among women.
Improving Digital Camera Features
In addition, camera vendors are introducing various features such as inbuilt Wi-Fi, Bluetooth, 3G SIM card slots, direct interface to social networking sites and email, tablet-style touch screen interfaces, and Android operating systems to run various applications on the digital cameras. The purchase of new cameras in the coming years is likely to be influenced by the incorporation of new technologies such as touch screen user interface, high-definition video, wireless connectivity, advanced image detection, and better zoom lenses.
For more information on this market, view our 2013-2018 Global Digital Camera Market report.
Cover Photo by: Paul Stein via Flickr (cc)
